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Citi, PNC, Crown Castle price; Exxon Mobil stable; Procter & Gamble better; CDX flat
By Cristal Cody
Eureka Springs, Ark., April 26 – Investment-grade companies saw a window on Tuesday ahead of the Federal Reserve’s meeting wrap and brought more than $5 billion of bond issuance.
Citigroup Inc. was in the primary market with $2 billion of 10-year notes.
PNC Bank NA sold $1.85 billion of bank notes in two tranches during the session, including a tap of its 3.25% notes due June 1, 2025.
Crown Castle International Corp. priced $1 billion of senior notes in two parts over the day.
Suncorp-Metway Ltd. sold $500 million of three-year notes on Tuesday.
In the secondary market, Exxon Mobil Corp.’s 3.043% notes due 2026 headed out mostly unchanged following the company’s downgrade by Standard & Poor’s. S&P dropped the company to AA+ from AAA related to continued pressure on oil prices.
Procter & Gamble Co.’s 2.7% notes due 2026 have tightened more than 10 basis points over the last two trading sessions. The company on Tuesday reported a nearly 30% growth in third quarter profit, while revenue fell about 13% from a year ago.
The Markit CDX North American Investment Grade Series 23 index improved about 1 bp early Tuesday but pulled back to close mostly unchanged at a spread of 75 bps.
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