Standard Chartered, Societe Generale, Entergy price; credit spreads ease; Fidelity flat

By Cristal Cody

Eureka Springs, Ark., Aug. 16 – Primary action ramped up on Tuesday with issuers pricing more than $5 billion of high-grade bonds.

Standard Chartered plc placed $3 billion of notes in three tranches on Tuesday, according to a market source.

Standard Chartered sold $750 million of three-year floating-rate notes at Libor plus 113 basis points.

The company priced $1 billion of 2.1% three-year notes at a spread of Treasuries plus 130 bps.

The $1.25 billion tranche of 4.3% notes due Feb. 19, 2027 priced at Treasuries plus 280 bps.

BNP Paribas Securities Corp., Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Standard Chartered Bank were the lead managers.

Standard Chartered is a London-based banking and financial services company.

Societe Generale SA sold $1 billion of 10-year tier 2 notes on Tuesday.

Entergy Corp. priced $750 million of 10-year notes.

UDR, Inc. brought $300 million of 10-year notes to market.

Also, Nederlandse Waterschapsbank NV priced a $250 million add-on to its 1.5% notes due April 16, 2018.

Looking to Wednesday’s deal activity, the European Bank for Reconstruction and Development is expected to price four-year dollar-denominated global benchmark notes.

The Markit CDX North American Investment Grade index eased about ½ of a basis point to close at 72 bps on Tuesday.

In the secondary market, Fidelity National Information Services, Inc.’s 3% notes due 2026 were unchanged earlier in the day.

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