Export Development Canada prices; primary action slows; Entergy, American Financial better

By Cristal Cody

Eureka Springs, Ark., Aug. 18 – Export Development Canada priced $500 million of 0.875% two-year notes on Thursday as the lone high-grade issuer during the session.

The issue priced with a spread of Treasuries plus 23.3 basis points, according to a market source.

RBC Capital Markets, LLC and TD Securities (USA) LLC were the lead managers.

Primary action is expected to thin over the rest of the month for end-of-summer vacations before accelerating in September, a source said.

In the secondary market on Thursday, Entergy Corp.’s 2.95% notes due 2026 traded at 138 bps bid, 135 bps offered, according to a market source.

The company sold $750 million of the notes (Baa3/BBB/) on Tuesday at a spread of 140 bps over Treasuries.

American Financial Group, Inc.’s 3.5% notes due 2026 were seen in secondary trading at 191 bps bid, 188 bps offered, a market source said.

The company sold $300 million of the notes (Baa1/BBB+/) on Monday at a spread of 200 bps plus Treasuries.

The Markit CDX North American Investment Grade index firmed 1 bp over the session to close at a spread of 70 bps.

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