Becton Dickinson sells $6.2 billion; week’s supply nears $50 billion; AT&T eases

By Aleesia Forni and Cristal Cody

Virginia Beach, Dec. 4 – Becton, Dickinson and Co. came to Thursday’s primary market with a $6.2 billion offering of senior notes, helping push the week’s total new issuance to more than $49 billion.

The session also saw new deals price from Clorox Co., Church & Dwight Co., Inc. and JPMorgan Chase & Co.

Also on Thursday, BGC Partners Inc. launched a new $300 million issue of five-year senior notes.

In total, $9 billion of new investment-grade bonds priced during the session, bringing the week’s total supply to $49.25 billion.

Sources are expecting the primary’s pace to continue into next week before slowing down ahead of the late-December holiday season.

In new issue secondary trading, Church & Dwight’s 2.45% notes due 2019 firmed less than 1 basis point, a trader said.

The 3.5% notes due 2024 that Clorox brought tightened 3 bps on the offered side in the secondary market, a trader said.

No aftermarket activity was seen late afternoon in Becton Dickinson’s offering.

In other secondary activity, AT&T Inc.’s 3.9% notes due 2024 widened 4 bps on the day, a source said.

Investment-grade credit spreads headed out slightly weaker, sources said.

The Markit CDX North American Investment Grade series 23 index eased 1 bp to a spread of 62 bps.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.