Synchrony Financial sells $1.25 billion; Aroundtown prints; high-grade inflows increase

By Cristal Cody

Tupelo, Miss., March 14 – Synchrony Financial priced $1.25 billion of high-grade senior notes in two tranches on Thursday as deal volume slowed.

The transaction was 4.52 times oversubscribed and the sole reported Securities and Exchange Commission-registered offering during the session.

In other issuance on Thursday, Aroundtown SA priced $600 million of 10-year notes under its euro medium-term note program.

Also, Swiss Re Finance (Luxembourg) SA announced plans to price 31-year resettable fixed-rate guaranteed subordinated notes.

Thursday’s volume brings week-to-date corporate supply to more than $25 billion, in line with market issuance forecasts.

The reverse Yankee market also remains active with a €1.1 billion offering on Thursday from Marsh & McLennan Cos., Inc. following other euro-denominated deals priced or issued in March from issuers including Medtronic plc, PepsiCo, Inc. and Coca-Cola Co.

For the week ended Wednesday, Lipper US Fund Flows reported inflows for corporate investment-grade funds rose to $3.3 billion from $1.99 billion in the previous week.

The Markit CDX North American Investment Grade 31 index was steady on the day at a spread of 58 basis points.

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