Morning Commentary: Aptiv eyes notes due 2029, 2049; Chugoku sells notes due 2024

By Devika Patel

Knoxville, Tenn., Feb. 28 – Primary activity in the investment-grade bond market was stable late in the week, with two new deals announced on Thursday morning.

Dublin, Ireland-based technology and mobility company Aptiv plc said it will offer two tranches of fixed-rate notes due 2029 and 2049; and Japan-based power provider Chugoku Electric Power Co. Inc. said it issued $300 million of 3.488% notes due 2024. No further information was available regarding the Chugoku notes sale.

Aptiv on tap

Aptiv announced that it will price fixed-rate notes in two tranches due 2029 and 2049.

The notes feature a make-whole call until three months prior to maturity for the 2029 notes and until six months prior to maturity for the 2049 notes and then a par call.

Barclays, Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC are the bookrunners.

Proceeds will be used to help repay the company’s $650 million of 3.15% senior notes due Nov. 19, 2020.

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