American Honda prices; European Bank sells add-on; LeasePlan plans roadshow; inflows rise

By Cristal Cody

Tupelo, Miss., Oct. 10 – Investment-grade supply slowed Thursday in the corporate and sovereign, supranational and agency primary markets.

American Honda Finance Corp. was the sole reported corporate issuer. The company priced $500 million of floating-rate medium-term notes due Feb. 15, 2022.

In SSA volume, the European Bank for Reconstruction and Development priced a $350 million add-on to its global floating-rate notes due Aug. 19, 2022.

Week to date, corporate supply totals about $9 billion. SSA issuers have priced more than $17 billion of notes this week, including a $7 billion three-part deal from Italy on Wednesday.

Corporate supply is expected to remain light over October as issuers enter earnings blackout reporting periods, sources said.

The major U.S. banks will start to release third quarter earnings reports in the week ahead.

A corporate bond offering is on the horizon from LeasePlan Corp. NV, which plans to hold a roadshow in the upcoming week for a dollar-denominated issue.

Lipper US Fund Flows reported corporate investment-grade funds inflows rose to $1.84 billion for the past week ended Wednesday from $733 million in the previous week.

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