HSP

The deluge of new bonds in the investment-grade corporate bond market is growing as Hospira Inc. (HSP) offers a $500 million 30-year bond on Tuesday.

So far, bonds valued at over $6 billion have been issued on Tuesday alone. This exceeds the total volume issued in September last year, when bonds worth $5.35 billion were sold, according to data provider Dealogic.

The heightened issuance is a result of low interest rates and investor appetite for high-quality bonds as they put their money to work.

Among the issuers are Aon Corp. (AON) and International CCS with $1 billion notes each, Dell Inc. (DELL) with a $1.5 billion bond, Medco Health (MHS) with a $1 billion two-part note and Burlington Northern Santa Fe Corp. (BNI) with a $500 million note.

Dell's $1.5 billion three-part note has maturities of three, five and 30 years. Joint leads on the deal are Barclays Capital, Goldman Sachs and Morgan Stanley.

The use of proceeds is listed as general corporate purposes and the bond is expected to price on Tuesday.

MetroPCS Wireless, Inc., an indirect wholly owned subsidiary of MetroPCS Communications Inc. (PCS), is in the market with a $500 million registered senior note due 2018.

The joint bookrunning managers are J.P. Morgan Securities LLC, Barclays Capital and Deutsche Bank Securities Inc., and the co-manager is Wells Fargo Securities, LLC.

Also on Tuesday, the Canadian Imperial Bank of Commerce (CM) is in the market with a benchmark three-year note, according to a person familiar with the matter.

The bond, rated Aa2/A+/AA-, is jointly led by Barclays Capital, Citigroup Inc., J.P. Morgan Chase & Co. and CIBC.

Proceeds will be used for general corporate purposes, as per the term sheet. Pricing could be as early as Tuesday.

Burlington Northern Santa Fe is in the market with a $500 million two-part note.

Health Care Reit Inc. (HCN) is also in the market with a $400 million 7-year note, according to a term sheet. Joint leads on the note, rated Baa2/BBB-/BBB, are Barclays, J.P. Morgan Chase and UBS.

Other bonds expected to be issued Tuesday include those from Home Depot Inc. (HD) and France Telecom (FTE).

-By Anusha Shrivastava, Dow Jones Newswires; 212-416-2227; anusha.shrivastava@dowjones.com

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