Wells Fargo, Ford Motor Credit, Boeing issue bonds; Ford Motor paper firms; GATX flat

By Aleesia Forni and Cristal Cody

Virginia Beach, Oct. 28 – Wells Fargo & Co., Ford Motor Credit Co. LLC, Boeing Co. and GATX Corp. were among the issuers accessing the investment-grade bond market on Tuesday.

As was expected, the market saw a busy primary session ahead of the two-day Federal Open Market Committee meeting, which will begin on Wednesday.

Wells Fargo priced the day’s largest offering, bringing a $2 billion issue of subordinated bonds to market at the tight end of price talk.

A source noted that the deal’s order book was more than two times oversubscribed.

Also on Tuesday, Ford Motor Credit sold a $1.65 billion two-part offering of five-year notes in fixed- and floating-rate tranches.

The session also saw Boeing issue $850 million of senior notes in three-, seven- and 10-year tranches, all coming at the tight end of talk.

GATX was also in the market on Tuesday, pricing a $250 million offering of long five-year notes in line with guidance.

In other primary action on Tuesday, Liberty Mutual Group Inc. priced a $300 million add-on to its existing 4.85% senior bonds due July 24, 2044, though details of the sale were unavailable at press time.

In aftermarket trading, Ford Motor’s 2.597% notes due 2019 tightened 2 bps, according to a trader.

GATX’s 2.6% senior notes due 2020 traded wrapped around the issuance price.

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