NWB prices add-on in week’s lone deal; Amazon.com firms; DirecTV unchanged

By Aleesia Forni and Cristal Cody

Virginia Beach, Dec. 18 – Nederlandse Waterschapsbank NV gave the primary its only sign of life this week, pricing a $500 million add-on to its existing notes due 2016 during the session on Thursday.

The lone new deal sold in line with price talk.

With activity in the primary market likely wrapped for the calendar year, sources are looking ahead to what is expected to be a busy January.

“It will be a big month,” one market source said, adding that the market could host “lots of M&A” activity.

Mergers and acquisitions financing deals have made up a large part of December’s new issuance tally, with multi-billion dollar deals pricing from Becton, Dickinson and Co. and Medtronic, Inc.

Investment-grade corporate bonds were stronger in secondary trading on Thursday, sources said.

The Markit CDX North American Investment Grade series 23 index tightened 5 basis points to a spread of 65 bps.

“It was fairly active this morning, and then it died down a bit,” a trader said.

Amazon.com, Inc.’s 3.8% senior notes due 2024 have tightened about 8 bps from a week ago, a trader said.

The 3.95% senior notes due 2024 brought earlier in the month from DirecTV Holdings LLC and DirecTV Financing Co. Inc. traded mostly flat.

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