Credit Suisse, Compass Bank, KeyBank, Western Union price; supply beats weekly forecast

By Cristal Cody

Tupelo, Miss., June 6 – The high-grade bond market capped off a third consecutive session of strong issuance on Wednesday.

In corporate supply, Credit Suisse Group AG, Jackson National Life Global Funding, Compass Bank, Alliant Energy Finance LLC, Edwards Lifesciences Corp., KeyBank NA and Western Union Corp. priced notes.

Also, KfW sold $4 billion of two-year global notes.

Issuers have priced more than $31 billion of bonds over the past three days, already more than the $25 billion of deal volume syndicate sources expected for the week.

The week’s supply was led on Tuesday by Union Pacific Corp.’s $6 billion seven-part sale of fixed-rate senior notes.

On Monday, primary action was led by Kraft Heinz Foods Co., John Deere Capital Corp., Hyundai Capital America and Goldman Sachs Bank USA.

New issues are trading mostly better in the secondary market, a source said.

Kraft Heinz Foods’ $3 billion of guaranteed senior notes (Baa3/BBB/BBB-) priced in three tranches on Monday firmed about 1 basis point to 3 bps from issuance, according to a market source.

The Markit CDX North American Investment Grade 30 index closed mostly unchanged at a spread of 64 bps.

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