Primary action yields nothing new on Friday after a rather busy week

By Devika Patel

Knoxville, Tenn., Aug. 18 – The high-grade bond market slowed to a crawl on Friday, with no new deals announced or pricing.

The week, however, had been busy, bringing 10 new issues to market and over $10.36 billion of new debt pricing.

On Monday, after the close, Philip Morris International Inc. priced a $1.25 billion two-part sale of fixed-rate notes.

On Tuesday, Western Union Co. priced $350 million of fixed- and floating-rate notes in two tranches, and Apple Inc. priced a C$2.5 billion sale of seven-year 2.513% notes.

Meanwhile, E*Trade Financial Corp. priced a $1 billion offering of fixed-rate senior notes in two tranches.

And Laboratory Corp. of America Holdings priced a $1.2 billion two-part sale of fixed-rate notes on Tuesday after market close.

Also tapping the primary market, Commonwealth Edison Co. priced a $1 billion two-tranche issue of first mortgage bonds (A1/A-/A).

VMware, Inc. priced $4 billion of fixed-rate senior notes in three parts on Wednesday after the market close, and Bank of New York Mellon Corp. sold $750 million of 12-year senior subordinated notes (A2/A-/ A+) late Wednesday.

On Thursday, Indianapolis Power & Light Co. holding company Ipalco Enterprises Inc. issued $405 million of 3.7% seven-year split-rated senior secured notes, and Edison International Inc. priced $400 million of 2.4% five-year senior notes (A3/BBB/A-).

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