Primary flooded; EIB, Toyota, CBS price; AT&T, Verizon bonds mixed; Bank of America soft

By Aleesia Forni and Cristal Cody

Virginia Beach, Jan. 7 – The investment-grade bond market roared to life on Wednesday, and 13 issuers brought to market $15.6 billion of new paper during the active session.

The European Investment Bank priced $4 billion of five-year notes, while CBS Corp. priced a two-tranche, $1.2 billion offering.

Toyota Motor Credit Corp. priced $1.75 billion of three-year senior notes.

Meanwhile, General Motors Financial Co., Inc. sold $2.25 billion of split-rated senior notes in two parts.

There was also a $2 billion offering of notes priced by Inter-American Development Bank and a $1 billion issue sold by KommuneKredit.

The session also saw MetLife Global Funding I, Rabobank Nederland, Santander Holdings USA Inc., Ventas Realty, LP, Air Lease Corp., TransCanada PipeLines Ltd. and Reliance Standard Life Global Funding II sell notes.

Fannie Mae set price talk for a planned offering of Benchmark Notes, and Corporate Capital Trust Inc. announced investor meetings.

With the deluge of issuance seen on Wednesday, the investment-grade bond market’s total has already topped what was predicted to be around a $25 billion week.

AT&T Inc.’s bonds (A3/A-/A) traded flat to softer in the secondary market, a source said.

Verizon Communications Inc.’s bonds (Baa1/BBB+/A-) were mixed in secondary trading, a market source said.

Bank of America Corp.’s 4% notes due 2024 traded 2 bps weaker during the day, according to a market source.

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