Microsoft ahead; Crown Castle brings $500 million; Anheuser-Busch, Bank of America tighten

By Devika Patel

Knoxville, Tenn., Jan. 30 – In Monday’s investment-grade primary market, Redmond, Wash., computer software giant Microsoft Corp. announced a planned sale of fixed-rate notes in seven parts, and Houston-based wireless infrastructure provider Crown Castle International Corp. priced a $500 million offering of 4% 10-year senior notes (Baa3/BBB-/ BBB-).

In the secondary market, Alphabet Inc.’s 1.998% senior notes due 2026 loosened to a spread of 58 basis points from 56 bps.

Alphabet sold $2 billion of the notes on Aug. 9 at 68 bps over Treasuries.

Also, Anheuser-Busch InBev Finance Inc. saw the spread of its 3.65% notes due 2026 tighten to 110 bps from 111 bps.

The company sold $11 billion of the notes on Jan. 25, 2016 at Treasuries plus 160 bps as part of a $46 billion multi-tranche deal.

Bank of America Corp.’s 5% senior notes due 2044 tightened their spread to 137 bps from 142 bps.

The company sold $2 billion of the notes on Jan. 21, 2014 at Treasuries plus 120 bps.

Ford Motor Credit Co. LLC’s 4.134% notes due 2025 tightened their spread to 167 bps from 169 bps.

Ford Motor sold $700 million of the notes on Nov. 9, 2015 at a spread of Treasuries plus 173 bps.

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