Export Development Canada, Morgan Stanley print deals; Walgreens firms; Apple, AT&T mixed

By Cristal Cody

Tupelo, Miss., Jan. 26 – Primary action stayed fairly mild on Tuesday as the Federal Reserve kicked off its two-day policy meeting.

Export Development Canada sold $1 billion of 1.25% bonds due Feb. 4, 2019 at a spread of 23.9 basis points over Treasuries on Tuesday.

The bonds priced at 99.80 to yield 1.318%.

Barclays, HSBC Bank plc, RBC Capital Markets, LLC and TD Securities (USA) LLC were the lead managers.

Morgan Stanley brought $400 million of 4.55% 20-year global medium-term notes at par.

Several financial deals are expected to price in the near term, according to a market source on Tuesday.

The Markit CDX North American Investment Grade 25 index improved 2 bps to close the day at a spread of 104 bps.

In the secondary market, Walgreens Boots Alliance Inc.’s 3.8% senior notes due 2024 traded 5 bps tighter.

Apple Inc.’s bonds (Aa1/AA+/) were mixed after the company beat analyst expectations for first-quarter profit but missed revenue forecasts.

The company’s 3.2% notes due 2025 widened to 107 bps bid from the 99 bps bid area, a market source said, and its 4.375% notes due 2045 came in 17 bps to 145 bps bid during the session.

AT&T Inc.’s notes (/BBB+/A-) were flat to modestly softer after the company reported on Tuesday fourth-quarter revenue gains.

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