BNP brings notes following second yuan devaluation; AT&T, Verizon widen; Time Warner eases

By Aleesia Forni and Cristal Cody

Virginia Beach, Aug. 12 – The primary market was quiet again on Wednesday following China’s devaluation of its currency for a second straight day.

In the day’s lone reported new issue, BNP Paribas sold $1.5 billion of additional tier 1 notes at par to yield 7.375%, the tight end of price talk.

BNP Paribas Securities Corp. was the bookrunner for the perpetual notes, which are non-callable for 10 years.

The financial services company is based in Paris.

In total, the investment-grade primary market has hosted roughly $16.2 billion so far this week.

Investment-grade bonds widened over the session and credit spreads headed out 1 bp weaker on the day.

AT&T Inc.’s bonds (/BBB+/A-) were weaker after the company provided a strategy outlook update on Wednesday following its acquisition of DirecTV in July.

Verizon Communications Inc.’s notes (Baa1/BBB+/A-) also were wider on the day.

Time Warner Inc.’s bonds (Baa2/BBB) eased 1 bp to 4 bps in the secondary market.

The Markit CDX North American Investment Grade index ended 1 bp wider at a spread of 76 bps.

In forward calendar news, Oneok Inc. announced plans to sell a $500 million offering of senior notes in a company news release.

Citigroup Global Markets Inc. is the bookrunner, and Mizuho Securities is the co-manager.

The natural gas company is based in Tulsa, Okla.

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