Praxair, Japan Finance, Oesterreichische Kontrollbank price; McDonald’s firms; Visa flat

By Cristal Cody

Tupelo, Miss., Feb. 4 – New deals that priced on Thursday, including a dual-currency transaction from Praxair, Inc., lifted investment-grade bond issuance to about $17 billion for the week through Thursday.

Praxair sold a $275 million add-on to its 3.2% notes due Jan. 30, 2026 at a spread of 108 basis points over Treasuries.

Praxair also priced €550 million of 1.2% notes due Feb. 12, 2024 at mid-swaps plus 78 bps during the session.

The Japan Finance Organization for Municipalities tapped the market on Thursday with a $500 million sale of 2.125% five-year global medium-term notes.

In other pricing action, details emerged on Oesterreichische Kontrollbank AG’s $700 million offering of floating-rate guaranteed global notes due Aug. 10, 2017, which priced at a spread of Libor plus 18 bps.

The European Investment Bank also was in the primary market with its second global transaction of the year. The bank sold $4 billion of 1.25% three-year notes.

Credit spreads closed the day modestly softer.

The Markit CDX North American Investment Grade index eased 1 bp to a spread of 109 bps.

In the secondary market, high-grade bonds were mixed.

Visa Inc.’s senior notes (A1/A+) were stable.

McDonald’s Corp.’s 3.7% notes due 2026 firmed 1 bp on the day.

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