High-grade primary market quiet; pipeline builds; bank, financial paper mixed; Citibank firms

By Cristal Cody

Tupelo, Miss., May 18 – Investment-grade issuers stayed on the sidelines on Thursday with no supply priced over the session as attention remains focused on the White House, sources report.

Pricing action is expected to pick up before the Memorial Day holiday slowdown.

Export Development Canada intends to hold global investor calls on Monday for an upcoming deal.

EDC is planning a dollar-denominated three-year global green bond offering, according to a market source.

Ascension Health Alliance is marketing a $220 million reopening of its 3.945% senior bonds due Nov. 15, 2046.

Also, Becton, Dickinson and Co. (Baa2/BBB+/BBB-) is holding fixed-income investor calls on Thursday and Friday for an upcoming dollar- and euro-denominated senior notes offering.

Financial paper was mixed in the secondary market on Thursday.

Citibank, NA’s 2% notes due March 20, 2019 firmed 2 basis points.

BB&T Corp.’s 2.75% senior medium-term notes due April 1, 2022 eased 2 bps.

Mitsubishi UFJ Financial Group, Inc.’s 3.677% senior notes due Feb. 22, 2027 softened about 5 bps.

The Markit CDX North American Investment Grade index recovered about 1 bp on Thursday to close at a spread of 64 bps. Credit spreads widened more than 3 bps on Wednesday.

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