Boeing, Philip Morris, Black & Decker, Baxter price; supply strong

By Cristal Cody

Tupelo, Miss., Oct. 29 – Investment-grade supply picked up on Thursday with nearly $8 billion of bonds priced, pushing week-to-date volume past forecasts.

Boeing Co. tapped the primary market with $4.9 billion of senior notes (Baa2/BBB-/BBB-) in four tranches.

The company’s offering included $1 billion of long three-year notes, $1.4 billion of long five-year notes, $1.1 billion of long seven-year notes and $1.4 billion of long 10-year notes.

Philip Morris International Inc. came by with a $1.5 billion two-tranche offering of notes (A2/A/A) during the session.

The company sold $750 million of long five-year notes and $750 million of 10-year notes.

Stanley Black & Decker, Inc. priced $750 million of 30-year notes (Baa1/A/A-) during the session.

Also, Baxter International Inc. sold $650 million of long 10-year senior notes (Baa1/A-/A-) in a Rule 144A and Regulation S offering.

More than $18 billion of investment-grade issues have priced week to date with the bulk of issuance seen on Tuesday and Thursday.

Supply outpaced market forecasts that called for about $15 billion of deal volume this week.

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