Export Development Canada, Airgas price tight; Penske firms; spreads ease

By Cristal Cody and Aleesia Forni

Virginia Beach, June 12 – Export Development Canada and Airgas, Inc. sold new bond offerings on Thursday as high-grade primary activity slowed following three solid days of new issuance.

The quieter session saw more than $1.5 billion new issuance.

Export Development Canada priced $1 billion of five-year notes in line with talk at mid-swaps flat.

Airgas sold its $300 million offering at the tight end of talk, which had firmed around 15 basis points from earlier guidance, a market source said.

In other primary action, Penske Truck Leasing Co. LP priced an offering of five-year notes, though pricing details were unavailable at press time.

The preferred market saw new issues from Bank of America Corp. and Commerce Bancshares Inc. during Thursday’s session.

Despite the lack of activity on Thursday, the week has still seen more than $26 billion of new paper price, besting sources’ earlier expectations of around $20 billion to $25 billion of supply.

Penske Truck Leasing’s new notes due 2019 tightened 2 bps in aftermarket trading, according to a market source.

The 3.65% notes due 2024 that Airgas priced were offered in the secondary market, a trader said.

Spreads headed out mostly wider in the afternoon, sources said.

The Markit CDX North American Investment Grade series 22 index eased 2 bps to a spread of 60 bps.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.