High-grade volume strong; Pfizer, MUFG, Unilever, Caterpillar, Bunge, Duke price notes

By Cristal Cody

Tupelo, Miss., Sept. 4 – Investment-grade issuers priced more than $12 billion of bonds on Tuesday following the long holiday weekend and thin issuance over the back half of August.

Pfizer Inc. sold $5 billion of senior notes in six tranches.

Mitsubishi UFJ Financial Group, Inc. priced $3 billion of senior notes in three tranches.

Unilever Capital Corp. sold a $1.5 billion three-part offering of guaranteed senior notes.

Caterpillar Financial Services Corp. priced $1.25 billion of three-year medium-term notes in two tranches.

Bunge Ltd. Finance Corp. sold $600 million of guaranteed notes due March 15, 2024.

Duke Realty LP raised $450 million in an offering of 10-year senior notes.

PECO Energy Co. also priced a $325 million add-on to its 3.9% first and refunding mortgage bonds due March 1, 2048.

About $45 billion to $55 billion of volume for the holiday-shortened week is expected by market sources following light supply last week. Just under $7 billion of investment-grade bonds, including $2.5 billion of corporate bonds, priced in the previous week, while the prior week saw nearly $10 billion of deal volume.

The Markit CDX North American Investment Grade 30 index ended less than 1 basis point softer on the day at a spread of 61 bps.

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