Sumitomo, World Bank do deals; Georgia Power upsizes; Anheuser-Busch firms; IBM stronger

By Aleesia Forni and Cristal Cody

New York, March 2 – Sumitomo Mitsui Financial Group Inc., World Bank, eBay Inc. and Edison International Inc. continued the stream of issuers heading to the primary market this week.

“Things are still looking pretty good,” one market source said, as deals continue to be met with solid reception following the more than $42 billion of new high-grade paper that has entered the primary market this week.

Sumitomo and World Bank were each in the market Wednesday with multi-tranche $4 billion issues.

Georgia Power Co. upsized its new issue to $650 million. The two-part deal included a tranche of five-year senior notes and a 10-year green bond priced between 20 basis points and 25 bps inside initial price thoughts.

The five-year tranche saw an order book that was more than 3.5 times oversubscribed, a market source said, while the 10-year piece was more than six times oversubscribed.

Dominion Resources Inc. sold a $550 million remarketing of its junior subordinated notes and Fannie Mae sold a $2 billion two-year new issue.

Anheuser-Busch InBev Finance Inc.’s 3.65% senior notes due 2026 traded 4 bps better over the day.

International Business Machines Corp.’s 3.45% senior notes due 2026 firmed about 1 bp on Wednesday but are trading more than 20 bps tighter than where the issue came in February.

Cisco Systems, Inc.’s 2.95% senior notes due 2026 that priced in February tightened 2 bps in the secondary market.

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