Gilead sells $5 billion; Freddie Mac, Pitney Bowes, CCL price; credit spreads tighten

By Cristal Cody

Eureka Springs, Ark., Sept. 15 – Investment-grade supply remained heavy on Thursday with about $8 billion of bonds reported sold during the session.

Gilead Sciences Inc. priced $5 billion of senior notes in five tranches.

Freddie Mac sold $2.25 billion of two-year Reference Notes.

Pitney Bowes Inc. raised $600 million in a five-year notes offering.

Ingredion Inc. priced $500 million of 10-year senior notes.

CCL Industries Inc. tapped the U.S. market with a $500 million private placement offering of 10-year notes.

Kite Realty Group, LP sold $300 million of 10-year senior notes on Thursday.

Arizona Public Service Co. sold $250 million of 10-year notes.

Delphi Automotive plc sold $300 million of 30-year senior notes.

Agilent Technologies, Inc. sold $300 million of 10-year senior notes.

The Markit CDX North American Investment Grade index ended about 3 basis points tighter at a spread of 74 bps.

In the secondary market earlier on Thursday, bonds were mostly unchanged.

Thermo Fisher Scientific Inc.’s $1.2 billion offering of 2.95% senior notes due 2026 that priced on Wednesday traded flat to 1 bp tighter than issuance.

BP Capital Markets plc’s 3.017% guaranteed notes due 2027 were flat to 1 bp better than where the bonds priced on Tuesday.

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