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High-grade supply heavy; Comcast, MPLX, Toyota, Eversource, ADP keep primary busy
By Cristal Cody
Tupelo, Miss., Aug. 11 – Strong high-grade supply continued on Tuesday with issuers bringing more than $18 billion of bonds to the primary market over the session.
Comcast Corp. sold $4.5 billion of senior notes (A3/A-/A-) in three tranches.
The deal included $1.75 billion of notes due Feb. 15, 2031, $1.5 billion of notes due Aug. 15, 2052 and $1.25 billion of notes due Aug. 15, 2062.
MPLX LP priced $3 billion of fixed-rate senior notes (Baa2/BBB/BBB) in two parts, including a $1.5 billion tranche of notes due March 1, 2026 and a $1.5 billion offering of 10-year notes.
Toyota Motor Credit Corp. sold $2.75 billion of medium-term notes (A1/A+/A+) in three tranches during the day.
The deal included $750 million of floating-rate notes due Feb. 14, 2022, a $1.4 billion tranche of three-year notes and a $600 million offering of seven-year notes.
Eversource Energy priced $1.2 billion of senior notes (Baa1/BBB+/BBB+) in three tranches, including $300 million of five-year notes, $600 million of 10-year notes and a $300 million add-on to its 3.45% senior notes due Jan. 15, 2050.
Automatic Data Processing, Inc. brought $1 billion of 10-year senior notes (Aa3/AA) to the primary market.
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