Delta, Cintas, Host Hotels, Vulcan Materials, Svensk price; Burlington Northern softens

By Cristal Cody

Tupelo, Miss., March 9 – High-grade deal volume held strong over Thursday’s session with about $5 billion of bonds priced.

Week to date, more than $52 billion of investment-grade corporate and SSA bonds have priced, a market source said.

On Thursday, Delta Air Lines Inc. sold $2 billion of split-rated senior notes in two tranches.

Cintas Corp. subsidiary Cintas Corp. No. 2 priced $1.7 billion of senior notes in three parts, including a reopening of a 2012 issue.

Host Hotels & Resorts, LP upsized its offering of seven-year senior notes on Thursday to $400 million from $350 million.

Vulcan Materials Co. brought $350 million of 10-year senior notes to the market.

Swedish Export Credit Corp. priced a $300 million tap of its floating-rate notes due Oct. 4, 2018.

Neuberger Berman Group LLC sold $300 million of 10-year senior notes.

The Markit CDX North American Investment Grade index closed the day about 1 basis point wider at a spread of 64 bps.

In the secondary market, Burlington Northern Santa Fe, LLC’s $1.25 billion of senior debentures (A3/A/) priced in two parts at the start of the week traded weaker on Thursday.

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