JPMorgan; Swedish Export, Physicians Realty, Eversource Energy price; Disney notes improve

By Cristal Cody

Tupelo, Miss., March 2 – Pricing action held up on Thursday with investment-grade issuers placing $4.15 billion of bonds.

JPMorgan Chase & Co. priced $1.75 billion of four-year senior floating-rate notes.

Swedish Export Credit Corp. brought $1.4 billion of five-year notes.

Physicians Realty LP sold $400 million of 10-year guaranteed senior notes.

Eversource Energy and the Connecticut Light and Power Co., doing business as Eversource Energy, tapped the primary market with a $600 million two-part offering.

More than $40 billion of high-grade bonds have priced over the week.

The Markit CDX North American Investment Grade index was mostly unchanged at a spread of 60 basis points.

Walt Disney Co.’s $2 billion of medium-term notes (A2/A/A) priced in four tranches in the previous session traded modestly better in the secondary market.

Discovery Communications, LLC’s senior notes (Baa3/BBB-/BBB-) sold on Tuesday improved.

Chevron Corp.’s senior notes (Aa2/AA-/) priced on Tuesday were modestly softer on Thursday.

JPMorgan prices $1.75 billion

JPMorgan Chase priced $1.75 billion of four-year senior floating-rate notes at Libor plus 55 bps on Thursday, according to a market source.

The notes (A3/A-/A+) priced on the tight side of guidance of Libor plus 60 bps area, plus or minus 5 bps.

J.P. Morgan Securities LLC was the bookrunner.

A fixed-rate tranche was dropped from the initial offering.

Proceeds from the deal will be used for general corporate purposes, according to a 424B2 filed with the Securities and Exchange Commission on Thursday.

The financial services company is based in New York City.

Svensk sells $1.4 billion

Swedish Export Credit (Aa1/AA+/) sold $1.4 billion of 2.375% five-year notes at 99.752 to yield 2.428% on Thursday, according to a market source and an FWP filing with the Securities and Exchange Commission.

The notes due March 9, 2022 priced at a spread of Treasuries plus 40.55 bps.

Bank of Montreal, London Branch, Daiwa Capital Markets Europe Ltd., Deutsche Bank AG, London Branch and Merrill Lynch International were the lead managers.

Swedish Export Credit is a Stockholm-based financial services company for the Swedish export industry.

Eversource Energy taps market

Eversource Energy and the Connecticut Light and Power, doing business as Eversource Energy, sold $600 million of bonds in two parts on Thursday, according to a market source and FWP filings with the SEC.

Eversource Energy sold $300 million of 2.75% series K senior notes due March 15, 2022 (Baa1/A-/BBB+) at 99.86 to yield 2.78% and a spread of Treasuries plus 75 bps.

Connecticut Light and Power, doing business as Eversource Energy, priced $300 million of 3.2% 10-year 2017 series A first and refunding mortgage bonds due March 15, 2027 (A2/A+/A+) at 99.66 to yield 3.24%, or Treasuries plus 75 bps.

Both tranches priced on the tight side of guidance.

Barclays, Goldman Sachs & Co., J.P. Morgan Securities, TD Securities (USA) LLC and U.S. Bank Investments, Inc. were the bookrunners.

Proceeds will be used to repay portions of Eversource Energy’s $1.14 billion of short-term debt and Connecticut Light’s $152.1 million of short-term debt, to fund capital expenditures and for working capital.

The Boston-based company is engaged in the energy delivery business through utility subsidiaries.

Physicians Realty sells notes

Physicians Realty sold $400 million of 4.3% 10-year guaranteed senior notes at 99.677 to yield 4.34% on Thursday, according to a market source and an FWP filing with the SEC.

The notes March 15, 2027 (Baa3/BBB-/) priced on the tight side of guidance at a spread of Treasuries plus 185 bps.

The bookrunners were J.P. Morgan Securities, Credit Agricole Securities (USA) Inc. and Jefferies LLC.

The notes are guaranteed by Physicians Realty Trust.

Proceeds will be used to repay some of the outstanding debt under the company’s revolving credit facility and for general corporate purposes.

Milwaukee-based Physicians Realty is a self-managed health care real estate investment trust.

Walt Disney improves

Walt Disney’s 1.95% notes due March 4, 2020 rose to 100.09 in secondary trading, a source said on Thursday.

Walt Disney sold $400 million of the notes on Wednesday at 99.974 and a spread of Treasuries plus 40 bps.

The company’s 2.45% notes due March 3, 2022 were better at 100.19 on the day.

Walt Disney sold $500 million of the notes on Wednesday at 99.832 and a spread of 50 bps over Treasuries.

The entertainment and media company is based in Burbank, Calif.

Discovery better

Discovery Communications’ 3.8% notes due March 13, 2024 traded up to 99.51 from 99.45 on Wednesday in secondary trading, a source said.

The company priced $450 million of the notes on Tuesday at 99.811 to yield 3.831% and a spread of Treasuries plus 165 bps.

Discovery Communications’ reopened 4.9% notes due March 11, 2026 were better at 104.91 from 104.50 in the previous session.

Discovery Communications priced a $200 million add-on to the notes on Tuesday at 105.038 to yield 4.206%, or a spread of 185 bps over Treasuries.

The company originally sold $500 million of the notes on March 8, 2016 at 99.633 to yield 4.947% and a spread of 312.5 bps over Treasuries.

The global media company is based in Silver Spring, Md.

Chevron softens

Chevron’s 1.686% notes due Feb. 28, 2019 went out a nickel lower on the day at 99.95 on Thursday, according to a market source.

The company priced $550 million of the two-year notes on Tuesday at par to yield a spread of Treasuries plus 45 bps.

Chevron’s 2.895% notes due March 3, 2024 weakened to 99.53 from where the notes went out at 99.79 in the previous session.

The company priced $1 billion of the seven-year notes on Tuesday at par to yield a spread of 70 bps over Treasuries.

The petroleum, chemical, mining, power and energy company is based in San Ramon, Calif.

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