Danone, America Express, Daimler, Penske among issuers; AT&T softens; Time Warner flat

By Cristal Cody

Eureka Springs, Ark., Oct. 26 – Investment-grade issuance kicked into high gear on Wednesday with more than $10 billion of bonds priced during the session.

Danone SA sold $5.5 billion of notes in four tranches: $1.2 billion of 1.691% three-year notes, $800 million of 2.077% five-year notes, $1.5 billion of 2.589% seven-year notes and $2 billion of 2.947% 10-year notes.

The European Bank for Reconstruction and Development brought a $1 billion offering of five-year global notes.

American Express Credit Corp. tapped the market with a $1 billion sale of three-year senior medium-term notes in two tranches.

Daimler Finance North America LLC sold $2.5 billion in a three-part notes offering.

Penske Truck Leasing Co., LP priced an upsized $600 million of 10-year senior notes.

Also, Enterprise Financial Services Corp. and Japan Bank for International Cooperation are expected to price new deals.

Canadian high-grade issuance is anticipated in the week ahead following the Oct. 31 fiscal year-end for Canadian banks, a syndicate source said.

“Market tone is reasonable, but we don’t have a big pipeline,” the source said. “The maple market is starting to be attractive.”

The Markit CDX North American Investment Grade index was unchanged to modestly softer at a spread of 75 basis points.

In the secondary market, AT&T Inc.’s 4.125% notes due 2026 eased 2 bps.

The 2.95% notes due 2026 from Time Warner Inc. were flat on the day.

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