Ford Motor Credit, Texas Instruments price; deal pace to pick up; BP tightens; Citi eases

By Cristal Cody

Eureka Springs, Ark., April 29 – Ford Motor Credit Co. LLC tapped the high-grade market on Friday with a $2.25 billion two-part offering of senior notes.

“Ford went pretty well,” one source said.

The company sold $1.25 billion of 2.021% three-year notes at par to yield a spread of Treasuries plus 110 basis points.

The notes were quoted in the secondary market at 109 bps bid, 107 bps offered.

Ford Motor Credit also sold $1 billion of 3.096% seven-year notes at par to yield a spread of Treasuries plus 150 bps.

In the secondary market, the notes traded at 149 bps bid.

Texas Instruments Inc. came by with a $500 million sale of six-year notes that tightened about 3 bps in aftermarket trading.

Investment-grade corporate issuers priced about $15 billion of new bonds over the week, while the pace is expected to double in the week ahead.

“Next week, we’re saying $30 billion,” a source said on Friday of expected volume.

In the secondary market, BP Capital Markets plc’s notes priced on Thursday traded about 5 bps to 10 bps tighter than issuance.

Citigroup Inc.’s new 3.4% notes due 2026 softened in secondary trading.

The Markit CDX North American Investment Grade series 23 index closed on Friday 1 bp weaker at a spread of 77 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.