Svensk, Symphony bring bonds; FHLBank to price; spreads ease; Visa, Westpac Banking firm

By Cristal Cody

Eureka Springs, Ark., Aug. 24 – Primary action continues to be active but light as August winds down, according to sources on Wednesday.

Swedish Export Credit Corp. tapped the dollar market with $1.3 billion of 1.125% three-year notes at 99.745 to yield 1.212%. Citigroup Global Markets Inc., J.P. Morgan Securities plc, Nomura International plc and RBC Capital Markets, LLC were the bookrunners.

Synchrony Financial priced a $200 million add-on to its 18-month floating-rate senior notes on Wednesday.

Bank of Montreal was expected to price a three-part offering of senior medium-term notes a day following the company’s fiscal third-quarter earnings report, which beat market forecasts. Final pricing details were not available by press time.

Coming up on Thursday, the Federal Home Loan Bank System is expected to sell two-year Global Notes.

Also, NextEra Energy Capital Holdings, Inc. plans to remarket its series G debentures due Sept. 1, 2018 on Thursday.

The Markit CDX North American Investment Grade index softened about 1 basis point to close the day at a spread of 72 bps.

The Libor yield was up 1 bp at 83 bps on Wednesday.

Visa Inc.’s 3.15% senior notes due 2025 were trading about 2 bps tighter following market reports the company plans to buy back debt this year.

Westpac Banking Corp.’s 2% notes due 2021 improved 4 bps in the secondary market.

Amgen Inc.’s 2.6% senior notes due 2026 traded about 1 bp tighter.

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