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Published on 5/18/2020 in the Prospect News Emerging Markets Daily, Prospect News High Yield Daily, Prospect News Preferred Stock Daily and Prospect News Private Placement Daily.

Pfizer, Equinor, Alcon, RELX, Unum energy issuers tap primary

By Cristal Cody

Tupelo, Miss., May 18 – Investment-grade volume came to more than $12 billion on Monday, led by Pfizer Inc.’s $4 billion offering of senior notes (A1/AA-/A+) sold in four parts.

Intercontinental Exchange Inc. brought $2.5 billion of senior notes (A2/A/) in two tranches to the primary market.

Equinor ASA (Aa2/AA-/) priced $1.5 billion of guaranteed notes in two tranches.

Alcon Finance Corp. came by with $750 million of 10-year senior notes.

RELX Capital Inc. sold $750 million of 10-year guaranteed senior notes.

Unum Group priced $500 million of five-year senior notes (Baa3/BBB/BBB-) following fixed income investor calls held last week.

Energy issuance was strong during the session.

Diamondback Energy, Inc. priced $500 million of five-year split-rated senior notes (Ba1/BBB-/BBB).

Evergy Metro, Inc. sold $400 million of 10-year mortgage bonds (A2/A+/).

Piedmont Natural Gas Co., Inc. placed $400 million of 30-year senior notes.

Duke Energy Ohio, Inc. priced $400 million of 10-year first mortgage bonds (A2/A/).

Also, Northern States Power Co. sold $100 million of first mortgage bonds due May 1, 2051 (Aa3/A/A+) on Monday.

Meanwhile, Brighthouse Financial Inc. priced an upsized $350 million of $25-par perpetual series B non-cumulative preferred stock (Ba2/BBB-/BB+) during the session.


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