KfW, Scentre, Suncoro price; Goldman Sachs does two-part add-on; secondary spreads flat

By Aleesia Forni

Virginia Beach, April 21 – KfW, Goldman Sachs Group Inc., Scentre Group and Suncorp-Metway Ltd. headed to the primary market on Tuesday, while high-grade bond spreads were mostly unchanged on the day.

KfW offered $3 billion of 10-year global notes in line with price talk in the day’s largest new issue.

Goldman Sachs was in Tuesday’s market with a $1.6 billion two-part tap of its existing senior floating-rate notes due April 23, 2020 and Nov. 29, 2023.

Two Australian issuers, Scentre Group and Suncorp-Metway, priced their respective new issues at the tight end of price guidance.

Scentre sold a $1 billion two-part senior notes offer, and Suncorp-Metway priced $600 million of five-year notes.

Blue Cross Blue Shield of Minnesota Inc. attracted an order book that was around 4.5 times oversubscribed for its new $250 million offering of 10-year senior notes.

Tuesday’s $6.45 billion of supply pushes the week’s total new issuance to $10.05 billion.

International Bank for Reconstruction and Development (World Bank) joined the forward calendar on Tuesday, setting price talk for a planned benchmark issue of three-year notes.

Meanwhile, the Markit CDX North American Investment Grade series 23 index was unchanged at spread of 62 bps.

Blue Cross Blue Shield’s new 10-year notes were quoted around 2 basis points better in the aftermarket near the end of the session.

Scentre Group’s notes were also trading tighter late Tuesday.

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