ASB, Trimble sell notes; Telus upsizes; supply beats market forecasts; credit spreads ease

By Cristal Cody

Tupelo, Miss., June 7 – In pricing action on Thursday, ASB Bank Ltd. placed $1 billion of five-year notes in two parts following its May roadshow.

Also, Trimble Inc. sold a $900 million two-tranche offering of senior notes.

In addition, Telus Corp. priced $750 million of 30-year senior notes in an offering that was upsized from $500 million.

Corporate and agency issuers have priced more than $33 billion of high-grade bonds over the week, coming in stronger than the $25 billion of deal volume syndicate sources expected.

The Markit CDX North American Investment Grade 30 index widened about 3 basis points to close the day at a spread of 67 bps.

Bonds were mixed in the secondary market with new issues trading mostly tighter, sources said. Western Union Co.’s 4.25% notes due June 9, 2023 were earlier quoted 2 bps in from issuance in secondary trading.

Union Pacific Corp.’s $6 billion of fixed-rate senior notes (A3/A-/) priced in seven tranches on Tuesday also were quoted about 3 bps better on the short end to 10 bps on the long end in the secondary market.

In other secondary trading, Dollar General Corp.’s 4.125% senior notes due May 1, 2028 (Baa2/BBB/) eased 5 bps to 141 bps bid on Thursday, a source said.

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