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Published on 4/4/2018 in the Prospect News Emerging Markets Daily, Prospect News High Yield Daily, Prospect News Preferred Stock Daily and Prospect News Private Placement Daily.

Aegon prices $800 million; volume thin; Bank Nederlandse offers notes; deal pipeline grows

By Cristal Cody

Tupelo, Miss., April 4 – Aegon NV priced $800 million of 30-year subordinated notes on Wednesday as the sole reported issuer in the high-grade primary market.

Market concerns over a potential trade war with China sent stocks tumbling over the morning but equities rallied by the market close.

High-grade credit spreads tightened. The Markit CDX North American Investment Grade 30 index firmed about 1 basis point to close at a spread of 65 bps.

More than $10 billion of corporate bonds priced in the first two sessions. Syndicate sources forecasted about $20 billion to $25 billion of total issuance for the week.

Coming up on Thursday, Bank Nederlandse Gemeenten NV plans to price $500 million of floating-rate notes.

Several issuers are considering bond offerings.

Salesforce.com, Inc. held a second round of fixed-income investor calls on Wednesday for two tranches of senior notes, according to a market source.

Ausgrid Finance Pty Ltd. plans to start a roadshow for a benchmark-sized deal on Friday, a source said.

Banco Santander, SA also is holding a roadshow that started on Tuesday in the U.S. and Canadian markets for a benchmark-sized dollar-denominated note offering, according to a market source.

Coming up over the week of April 23, Caisse de depot et placement du Quebec (Aaa/AAA/) will hold its roadshow for a potential dollar-denominated bond deal, according to a market source.


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