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Corporate supply thins on volatility; Harley-Davidson, Ontario, Council of Europe price
By Cristal Cody
Tupelo, Miss., Feb. 6 – A handful of SSA issuers priced bonds on Tuesday, while one corporate issuer tapped the primary market as volatility in stocks and Treasuries hampered financial markets.
Harley-Davidson Financial Services, Inc. was the sole reported corporate issuer in the primary market on Tuesday. The company priced $350 million of five-year senior medium-term notes tighter than talk.
In other supply, the Province of Ontario (Aa2/AA-/) sold $3 billion of three-year global notes better than talk at a spread of mid-swaps plus 15 basis points. The notes were initially talked to price with a spread in the mid-swap plus 16 bps area.
The Council of Europe Development Bank came to the primary market with a no-grow $1 billion sale of five-year senior global notes that priced better than guidance.
Also, the European Investment Bank sold $3 billion of long three-year global notes on Tuesday tighter than talk.
Coming up on Wednesday, Sweden is expected to tap the primary market.
Sweden (Aaa/AAA/AAA) plans to price a Rule 144A and Regulation S benchmark-sized offering of notes due Feb. 15, 2021, according to a market source. The notes were talked to price with a spread in the mid-swaps plus flat area.
About $25 billion of new bond volume is forecasted by market sources for the week.
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