Toyota, National Australia, BPCE, Ares among issuers; EIB markets notes; pipeline grows

By Cristal Cody

Tupelo, Miss., Jan. 8 – Toyota Motor Credit Corp. and National Australia Bank Ltd. led deal action in the high-grade market on Monday with multiple-tranche bond offerings.

Toyota Motor Credit sold $2.5 billion of notes (Aa3/AA-/) in five tranches.

National Australia Bank (Aa3/AA-/AA-) priced $2.5 billion of senior notes in four tranches.

Also on Monday, BPCE SA priced $1.7 billion of senior notes (A2/A/A) in two parts.

Ares Capital Corp. sold $600 million of long seven-year senior notes.

In addition, Air Lease Corp. was marketing a two-tranche deal.

Supply is expected to be strong over the week with about $25 billion to $30 billion of supply forecasted, according to sources.

The European Investment Bank is expected to price a benchmark-sized offering of notes due March 15, 2023 on Tuesday. The notes were initially talked to price in the mid-swaps plus 17 basis points spread area.

Also on Tuesday, Patterson-UTI Energy, Inc. is scheduled to conclude a two-day round of fixed income investor calls for a $500 million Rule 144A and Regulation S offering of senior notes.

Deal action is expected to be strong over the month, according to market sources.

More than $21 billion of bonds priced over the previous week.

In the year-ago period, January 2017 posted the highest monthly volume on record with $176 billion of high-grade bonds sold, according to a BofA Merrill Lynch note released on Monday.

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