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KeyBank, Fannie Mae; EBRD price; Renasant markets notes; UDR, Westpac Banking improve
By Cristal Cody
Eureka Springs, Ark., Aug. 17 – The corporate bond market saw a $500 million three-year senior note deal from KeyBank NA price on Wednesday.
Also, Fannie Mae brought $3.5 billion of 1.25% five-year Benchmark Notes on Wednesday at 99.595 to yield 1.334%, and the European Bank for Reconstruction and Development priced $1.25 billion of 1.125% four-year global benchmark notes at mid-swaps plus 11 basis points, or Treasuries plus 35.3 bps, during the session.
Renasant Corp. announced plans to price an offering of fixed-to-floating-rate subordinated notes due 2026 and 2031.
The Markit CDX North American Investment Grade index ended the day modestly softer at a spread of 71 bps.
UDR, Inc.’s 2.95% medium-term notes due 2026 traded early Wednesday at 133 bps offered in the secondary market, a source said.
The company priced $300 million of the notes on Tuesday at par with a spread of 137.5 bps over Treasuries.
Westpac Banking Corp.’s 2.7% notes due 2026 were seen 2 bps tighter in early secondary trading at 110 bps offered, according to a market source.
Westpac Banking sold $1 billion of the notes (Aa2/AA-/AA-) on Aug. 11 at 115 bps over Treasuries.
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