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CPPIB prices $1 billion; supply thin; First Citizens plans deal; credit spreads widen
By Cristal Cody
Tupelo, Miss., Feb. 26 – Investment-grade supply remains thin week to date with just one reported issuer on Wednesday.
CPPIB Capital Inc. priced $1 billion of five-year notes in a Rule 144A and Regulation S deal during the session.
In other action, First Citizens BancShares, Inc. marketed $300 million of registered fixed-to-floating-rate subordinated notes due 2030.
The offering follows Fulton Financial Corp.’s $375 million sale of fixed-to-floating rate subordinated notes in two tranches on Tuesday.
Week to date, only two reported high-grade bond issuers have priced notes. About $25 billion to $30 billion of investment-grade deal volume was expected this week. Issuers have pulled back amid increasing fears of a coronavirus pandemic as the number of infections globally continues to rise.
Treasuries have rallied in the risk-off bid with the 10-year benchmark hitting all-time yield lows on Tuesday and Wednesday. The 10-year benchmark ended Wednesday 2 basis points improved at 1.31% after touching an all-time yield low of 1.3%.
High-grade credit spreads have widened more than 11 bps since the start of the week.
The Markit CDX North American Investment Grade 33 index closed Wednesday more than 2 bps wider at a spread of 57.71 bps.
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