Week’s supply tops $50 billion; Boston Scientific, Chevron Phillips price; AbbVie tight

By Aleesia Forni and Cristal Cody

Virginia Beach, May 7 – Another busy primary session on Thursday pushed the week’s total new issuance past the $50 billion mark.

Chevron Phillips Chemical Co. LLC, Anglo American Capital plc, EnLink Midstream Partners LP, Bank of America Corp. and Weingarten Realty Investors were among the issuers bringing $6.9 billion of new investment-grade paper to market.

Boston Scientific Corp. priced a $1.85 billion offering in three tranches.

The deal attracted around $6 billion of orders, a market source noted.

There was also a $400 million offering priced by Puget Sound Energy Inc. on Thursday, though details of the sale were unavailable at press time.

Bank and financial paper headed out mostly better over the session.

Goldman Sachs Group Inc.’s 3.5% senior notes due 2025 tightened 5 basis points in the secondary market.

Bank of America Corp.’s 4% notes due 2025 recovered losses from earlier in the week and traded 2 bps tighter.

JPMorgan Chase & Co.’s 3.125% notes due 2025 firmed 2 bps.

Earlier in the day, AbbVie Inc.’s $16.7 billion six-part offering of senior notes (Baa1/A) brought on Tuesday traded about 4 bps to 9 bps better than issuance.

The Markit CDX North American Investment Grade series 23 index was unchanged to modestly softer at a spread of 66 bps.

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