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NXP, Moody’s, Caterpillar tap primary market; ING eyes deal; Deutsche Bank paper widens
By Cristal Cody
Tupelo, Miss., Dec. 3 – More than $4 billion of high-grade bonds priced in the primary market on Monday.
NXP BV and co-issuer NXP Funding LLC sold $2 billion of senior notes in three tranches.
Caterpillar Financial Services Corp. priced $1.25 billion of medium-term notes in three tranches.
In addition, Moody's Corp. brought an $800 million two-part offering of senior notes to the market.
ING Groep NV initially talked an offering of fixed-rate subordinated resettable notes due Dec. 12, 2033 to print on Monday, but the deal was postponed.
In other investment-grade issuance, Federal Home Loan Bank System announced that it priced a $250 million reopening of its 3.25% Global Notes due Nov. 16, 2028.
About $15 billion to $20 billion of high-grade issuance was expected by market sources for the week.
However, the bond markets will be closed on Wednesday as part of a national day of mourning for former president George Bush.
Elsewhere, Deutsche Bank AG’s paper remained weak after the company’s Frankfurt headquarters were raided by police last week on suspicion of money laundering.
Deutsche Bank’s 4.1% notes due Jan. 13, 2026 were nearly 20 bps wider on Monday at 264 bps bid, a source said. The issue went out on Friday about 8 bps weaker at 245 bps bid.
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