ANZ, Discover Bank price $2 billion notes; Citigroup, JPMorgan firm; credit spreads soften

By Cristal Cody

Eureka Springs, Ark., July 21 – Investment-grade companies priced a reported $2 billion of bonds on Thursday in a mostly quiet summer session.

ANZ New Zealand International Ltd. sold $1 billion of five-year notes in fixed- and floating-rate tranches.

Discover Bank brought $1 billion of 10-year notes to market.

The Markit CDX North American Investment Grade index softened on Thursday to close 1 basis point weaker at a spread of 71 bps.

In the secondary market earlier in the day, Citigroup Inc.’s 4.125% subordinated notes due 2028 firmed about 3 bps from the previous session.

JPMorgan Chase & Co.’s 2.95% senior notes due 2026 that priced a week ago tightened 5 bps.

ANZ New Zealand International sold $1 billion of five-year notes in fixed- and floating-rate tranches on Thursday, according to a market source.

The company placed $250 million of five-year floaters at Libor plus 101 bps.

ANZ New Zealand priced $750 million of 2.125% five-year notes at 105 bps over Treasuries. The fixed-rate notes priced tighter than talk in the Treasuries plus 110 bps area and tighter than initial guidance in the 120 bps area over Treasuries.

ANZ Securities Inc., Citigroup Global Markets Inc. and J.P. Morgan Securities LLC were the lead managers.

ANZ New Zealand is an Auckland, New Zealand-based funding arm of ANZ Bank New Zealand Ltd.

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