Energy suppliers tap primary; Eversource, Nstar, Cleveland Electric, Wisconsin Power price

By Cristal Cody

Tupelo, Miss., Oct. 2 – Several energy suppliers tapped the high-grade bond market on Monday.

Eversource Energy priced a $900 million two-tranche senior note deal, which included a reopening of an existing issue.

Eversource Energy sold $450 million of new 2.9% series L notes due Oct. 1, 2024 at 99.774 to yield 2.936% and a spread of Treasuries plus 77 bps. The company also priced a $450 million add-on to its 2.75% series K notes due March 15, 2022 at 101.023 to yield 2.501%, or Treasuries plus 57 bps.

Nstar Electric Co., doing business as Eversource Energy, sold a $350 million add-on to its debentures due May 15, 2027.

Cleveland Electric Illuminating Co. priced $350 million of long 10-year senior notes.

Also, Wisconsin Power & Light Co. came with $300 million of 10-year debentures.

In other issuance on Monday, John Deere Capital Corp. priced $600 million of new and reopened notes.

American Campus Communities Operating Partnership LP placed $400 million of guaranteed senior notes due 2027.

About $20 billion of deal volume is expected over the week, according to a market source.

The Markit CDX North American Investment Grade 29 index firmed about 1 basis point to close the day at a spread of 55 bps.

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