IG primary slows; Expedia is selling $1.25 billion 2030 notes; FHLB to price $600 million add-on

By Rebecca Melvin

New York, Sept. 11 – As predicted new issuance of investment grade corporate bonds slowed on Wednesday. Volume tapered off this week following record volume last week and continuing flow on Monday.

However, pricing details emerged on a couple of deals on Wednesday, and a number of companies announced and priced deals, including Expedia Group Inc., which said it is selling $1.25 billion of 3.25% notes due 2030 in a private Rule 144A and Regulation S offering.

The Bellevue, Wash.-based online travel company will use proceeds for general corporate purposes.

In addition, Federal Home Loan Bank System announced that it plans to price a $600 million add-on to its existing 3.25% notes due 2028.

Sumitomo Mitsui Financial Group Inc. priced $500 million of 3.202% 10-year subordinated notes at par on Tuesday for a spread over Treasuries of 148 basis points.

Waltham, Mass.-based tech firm PerkinElmer Inc. priced $850 million of 3.3% 10-year senior notes at 99.67 for a spread over Treasuries of 162.5 bps.

Brookfield Renewable Partners LP priced C$600 million of medium-term notes (/BBB+/DBRS: BBB) in two tranches on Wednesday, according to a company news release.

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