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Financials lead charge during $16 billion day for high-grade primary; Ford Credit soft
By Aleesia Forni and Cristal Cody
Virginia Beach, Sept. 21 – Issuers poured into the primary market on Monday, pricing $16.35 billion of high-grade paper following Thursday’s decision from the Federal Reserve to hold rates steady at the conclusion of its two-day policy meeting.
Financial issuers accounted for the bulk of the day’s new issuance.
In the largest trade of the day, UBS Group Funding (Jersey) Ltd. issued $4.3 billion of notes in three tranches due 2020 and 2025.
Wells Fargo & Co. issued $2.5 billion of holdco notes at the tight end of talk, and BNP Paribas SA priced $1 billion 10-year tier 2 subordinated notes.
Utilities also had a solid showing on Monday, with Dominion Resources Inc. pricing an upsized offering, while Louisville Gas and Electric Co. and Kentucky Utilities Co. each sold two-part deals, respectively, around 20 basis points tighter than initial price thoughts.
Praxair Inc., Applied Materials Inc., Gulfstream Natural Gas, Swedish Export Credit Corp., American Honda Finance Corp., A.P. Moller – Maersk A/S and Federal Realty Investment Trust were also in the day’s market with new deals.
Investment-grade bank and financial paper traded mostly flat to wider on Monday.
Ford Motor Credit Co. LLC’s 4.134% senior notes due 2025 widened 7 bps from Friday.
The Markit CDX North American Investment Grade 25 index rolled to a new series on Monday and ended 3 bps wider at a spread of 81 bps.
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