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ANZ Banking, Vornado Realty tap investment-grade bond market; AT&T, Time Warner notes flat
By Cristal Cody
Tupelo, Miss., Dec. 12 – Australia and New Zealand Banking Group, Ltd. tapped the investment-grade primary market on Tuesday with $650 million of two-year notes in fixed- and floating-rate tranches.
ANZ priced $250 million of notes due Dec. 19, 2019 at Libor plus 25 bps and $400 million of 2.25% two-year notes at a spread of 45 bps over Treasuries.
Also, Vornado Realty LP priced $450 million of 3.5% seven-year notes at 99.596 to yield 3.565%, or a spread of Treasuries plus 125 bps.
Market action is expected to stay light over the week with about $10 billion of total supply forecast. On Wednesday, market participants widely anticipate a rate hike by the Federal Reserve following a two-day monetary policy meeting.
The Markit CDX North American Investment Grade 29 index was mostly unchanged on the day at a spread of 50 basis points.
In the secondary market, AT&T Inc.’s bonds (Baa1/BBB+/A-) headed out mostly flat.
The Justice Department is moving forward with a federal lawsuit it filed in November to stop the company’s $85.4 billion cash and stock acquisition of Time Warner Inc. The deal was scheduled to close before the end of the year. A trial date has been set for March 19, 2018.
Time Warner’s notes (Baa2/BBB/BBB+) were mostly unchanged in secondary trading.
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