BNP brings bonds; Keysight, Atmos, Public Service New Hampshire price; Cadence tightens

By Aleesia Forni and Cristal Cody

Virginia Beach, Oct. 6 – BNP Paribas SA and Keysight Technologies Inc. joined a hodgepodge of corporate issuers pricing new deals on Monday.

The new $1 billion subordinated offering from BNP Paribas stole the limelight during the session, taking advantage of the strong appetite for tier 2 bonds.

The deal attracted an order book that was more than three times oversubscribed, a source noted, with the new issue pricing at the tight end of talk, which had firmed around 20 basis points compared to initial guidance.

Meanwhile, Keysight Technologies priced a $1.1 billion offering of senior notes in two tranches ahead of its planned spinoff from Agilent Technologies, Inc.

The session also saw utilities Wisconsin Power & Light Co., Atmos Energy Corp. and Public Service Co. of New Hampshire price new deals at the tight end of price talk.

Cadence Design Systems Inc. and Marriott International Inc. also sold new issues during the session.

In other primary happenings on Monday, KfW announced plans to bring to market an offering of green bonds, mandating leads and setting talk for the planned deal.

In total, $3.68 billion of investment-grade bonds sold during the session on Monday.

Sources are expecting around $15 billion to $20 billion to price for the first full week of October, though activity will likely slow this month compared to the deluge of deals seen in September.

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