Ford Credit, Dexia price; HollyFrontier downsizes; Anadarko eases; credit spreads widen

By Aleesia Forni and Cristal Cody

New York, March 15 – Ford Motor Credit Co. LLC and Dexia Credit Local sold bonds during a risk-off session for the market as the Federal Reserve kicked off its two-day policy meeting.

Dexia Credit entered the primary with a $1 billion two-year floater.

And Ford Motor Credit issued $1.75 billion of five-year notes around 15 basis points inside initial talk after scrapping plans for an additional floating-rate tranche.

HollyFrontier Corp. downsized its offering to $250 million from $500 million and issued the 10-year bonds at the widest side of initial price thoughts.

So far, the week has seen around $10.25 billion of issuance, nearing the halfway point towards what was predicted to be around a $20 billion to $25 billion week.

In the secondary market on Tuesday, Anadarko Petroleum Corp.’s senior notes (Baa1/BBB/BBB) lost some gains over the session.

“Didn’t seem much flow,” a trader said of the company’s bonds.

Exxon Mobil Corp.’s 3.043% notes due 2026 traded about 4 bps weaker.

Cisco Systems, Inc.’s 2.95% senior notes due 2026 eased 5 bps in the secondary market.

Credit spreads continued to widen ahead of the Federal Reserve’s policy statement on Wednesday.

The Markit CDX North American Investment Grade index ended the day 4 bps weaker at a spread of 89 bps.

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