EBRD, TowneBank price; Japan Bank for International Cooperation markets bond offering

By Cristal Cody

Tupelo, Miss., July 12 – Primary action slowed on Wednesday with market distractions including Federal Reserve chairman Janet Yellen’s Congressional testimony and the Bank of Canada’s first interest rate hike since 2010 during the session.

The European Bank for Reconstruction and Development sold $500 million of three-year global floating-rate notes in line with price talk.

TowneBank priced $250 million of 10-year fixed-to-floating rate subordinated notes.

Also, SMBC Aviation Capital Ltd. was expected to price a $500 million offering of five-year notes.

Japan Bank for International Cooperation joined the deal pipeline with a four-part offering of dollar-denominated guaranteed bonds. The notes were talked to price on Thursday.

The Markit CDX North American Investment Grade index tightened about 2 basis points to close at a spread of 60 bps.

In secondary trading on Wednesday, AT&T Inc.’s notes (Baa1/BBB+/A-) were mixed.

Verizon Communications Inc.’s 4.125% notes due March 16, 2027 eased 2 bps.

In its deal, the European Bank for Reconstruction and Development (Aaa/AAA/AAA) priced $500 million of three-year global floating-rate notes in line with talk at Libor plus 1 bp on Wednesday, according to a market source.

BofA Merrill Lynch, HSBC Bank plc and RBC Capital Markets, LLC were the lead managers.

The financial institution is based in London.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.