Fidelis Insurance prices; Ford Foundation and Swedish Export on tap

By Cristal Cody

Tupelo, Miss., June 11 – Investment-grade supply thinned on Thursday with some issuers staying on the sidelines as stocks plunged and credit spreads widened amid a weak market tone.

Fidelis Insurance Holdings Ltd. (/BBB/) priced a $300 million Rule 144A offering of 10-year senior notes.

The Federal Home Loan Bank System sold $1 billion of two-year Global notes early in the session after bringing a $500 million reopening of its 0.5% Global notes due April 14, 2025 to the market on Wednesday.

Meanwhile, Ford Foundation announced on Thursday that it plans to price $1 billion of taxable social bonds (Aaa/AAA/), making it the first non-profit foundation to offer social bonds in the U.S. taxable corporate bond market.

Coming up on Friday, Swedish Export Credit Corp. plans to price a $500 million reopening of its 1.75% global notes due Dec. 12, 2023 (Aa1/AA+/).

Investment-grade issuers have priced more than $25 billion of bonds week to date.

About $30 billion to $40 billion of issuance was expected for the week.

Nearly a dozen high-grade issuers have pulled back on tapping the primary market over the past two sessions, a source said.

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