U.S. Bank, IHS Markit, M&T Bank, BGC, Antares price notes; SMBC holds investor calls

By Cristal Cody

Tupelo, Miss., July 19 – High-grade issuers priced nearly $6 billion of bonds on Thursday, bringing week to date issuance to more than $33 billion.

U.S. Bank NA sold $3.25 billion of senior notes in three tranches.

IHS Markit Ltd. brought $1.25 billion of senior notes in two tranches to the primary market during the session.

M&T Bank Corp. priced $750 million of fixed- and floating-rate senior notes in two parts.

BGC Partners, Inc. came with $450 million of five-year senior notes.

Also, Antares Holding LP (/BBB-/DBRS: BBB) sold $280 million of 6% five-year notes at a spread of Treasuries plus 326.5 basis points on Thursday, according to a market source. The notes were talked to print in the 6% area.

In other market action on Thursday, SMBC Aviation Capital Ltd. (/BBB+/A-) will begin to hold fixed-income investor calls for a possible deal, a source said.

Citigroup Global Markets Inc., Credit Agricole Corporate and Investment Bank, Goldman Sachs & Co. LLC, J.P. Morgan Securities, RBC Capital Markets, LLC and SMBC Nikko Securities America, Inc. are the arrangers.

The Dublin-based global aircraft leasing company last tapped the dollar-denominated primary market on July 12, 2017 with a $500 million offering of notes due July 19, 2022.

Deal volume week to date has surpassed syndicate forecasts of about $25 billion of issuance.

Bank and financial supply have dominated the week’s primary action with new paper priced from issuers including Mitsubishi UFJ Financial Group, Inc., JPMorgan Chase & Co., Wells Fargo Bank NA, Citigroup Inc., Citibank, NA and Bank of America Corp.

The Markit CDX North American Investment Grade 30 index eased more than 1 bp over the day to a spread of 61 bps.

U.S. Bank prices $3.25 billion

U.S. Bank priced $3.25 billion of senior notes (A1/AA-/AA-) in three tranches on Thursday, according to a market source.

The company sold $1.35 billion of two-year floating-rate notes at Libor plus 25 bps.

U.S. Bank priced $650 million of 3.05% two-year fixed-rate notes at a spread of Treasuries plus 48 bps.

The $1.25 billion of five-year floating-rate notes priced at Libor plus 68 bps.

Barclays, Goldman Sachs & Co. and U.S. Bancorp Investments, Inc. were the bookrunners.

The commercial bank is based in Cincinnati.

IHS Markit sells $1.25 billion

IHS Markit (Ba1/BBB-/BBB) priced $1.25 billion of senior notes in two tranches on Thursday, according to an FWP filing with the Securities and Exchange Commission.

The company sold $500 million of 4.125% five-year notes at 99.707 to yield 4.19%, or a spread of Treasuries plus 145 bps.

HIS Markit placed $750 million of 4.75% 10-year notes at 99.628 to yield 4.797% and a Treasuries plus 195 bps spread.

HSBC Securities (USA) Inc., J.P. Morgan Securities and BofA Merrill Lynch were the bookrunners.

IHS Markit is a London-based business information and analytics company.

M&T Bank brings two tranches

M&T Bank (A3/A-/A) sold $750 million of fixed- and floating-rate senior notes due July 26, 2023 on Thursday, according to an FWP filing with the SEC.

The bank priced $250 million of five-year floating-rate notes at par to yield Libor plus 68 bps.

M&T Bank sold $500 million of 3.55% five-year fixed-rate notes at 99.923 to yield 3.567%, or a spread of 83 bps over Treasuries.

Morgan Stanley & Co. LLC, Credit Suisse Securities (USA) LLC, J.P. Morgan Securities and UBS Securities LLC were the bookrunners.

M&T Bank is a bank holding company based in Buffalo, N.Y.

BGC Partners in primary

BGC Partners (/BBB-/BBB-) priced $450 million of 5.375% five-year senior notes on Thursday at a spread of 275 bps over Treasuries in a private offering, according to a market source and a company news release.

BofA Merrill Lynch was the bookrunner.

BCG Partners is a financial services company based in New York City.

Funds see solid inflow

Investment-grade corporate mutual and exchange-traded funds saw a significant inflow of $2.021 billion in the week to July 18, according to fund-flow statistics generated by AMG Data Services Inc.

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