Biogen, Danaher price; American Airlines upsizes pass-throughs; HSBC, JPMorgan paper soft

By Aleesia Forni and Cristal Cody

Virginia Beach, Sept. 10 – Investment-grade bond activity kept up the active pace on Thursday, with issuers bringing another $12.4 billion of supply to market.

This figure pushes the shortened week’s total to a staggering $46.17 billion so far.

Biogen Inc. priced the day’s largest new issue, offering $6 billion of notes to help fund share buybacks.

Tranches of Danaher Corp.’s new $2 billion four-part offering sold between 20 basis points and 30 bps tighter than initial price thoughts.

American Airlines, Inc. also entered the day’s primary with an upsized $1.06 billion offering of pass-through certificates in three parts.

In other primary happenings, Credit Suisse Group Funding (Guernsey) Ltd. sold $2 billion of seven-year senior notes, Danske Bank sold $1 billion of five-year notes and Wyndham Worldwide Corp. priced 10-year notes at the tight end of guidance.

Investment-grade bank and financial paper traded mostly flat to wider on Thursday, while credit spreads improved modestly.

Paper from Lloyds Bank plc and Barclays plc headed out unchanged in the secondary market.

HSBC Holdings plc’s 4.25% subordinated notes due 2025 eased 2 bps.

JPMorgan Chase & Co.’s 3.9% senior holding company notes due 2025 traded 4 bps wider.

Bank of America Corp.’s 3.875% senior notes due 2025 were 3 bps wider in the secondary market.

Morgan Stanley’s 4% senior notes due 2025 eased 2 bps over the day.

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