Swedish Export Credit, Symphony bring bonds; credit 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 a $1.3 billion offering of three-year notes.

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.

Svensk sells $1.3 billion

Swedish Export Credit (Aa1/AA+/) sold $1.3 billion of 1.125% three-year notes at 99.745 to yield 1.212% on Wednesday, according to an FWP filing with the Securities and Exchange Commission.

Citigroup Global Markets Inc., J.P. Morgan Securities plc, Nomura International plc and RBC Capital Markets, LLC were the bookrunners.

Swedish Export Credit is a Stockholm-based financial service company for the Swedish export industry.

Synchrony reopens

Synchrony Financial priced a $200 million add-on to its 18-month floating-rate senior notes at Libor plus 140 bps on Wednesday, according to an FWP filing with the SEC.

The notes due Nov. 9, 2017 (BBB-/BBB-) priced at 100.434.

J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC were the bookrunners.

Synchrony Financial originally priced $500 million of the notes with a coupon of Libor plus 140 bps at par on May 4. The total outstanding is $700 million.

Proceeds from the reopening will be used for general corporate purposes.

Synchrony is a consumer financial services company based in Stamford, Conn.

FHLBank preps notes

The Federal Home Loan Bank System is marketing new two-year Global Notes set to price on Thursday, according to a news release.

The notes will be due Oct. 1, 2018.

BofA Merrill Lynch, Nomura Securities International, Inc. and Wells Fargo Securities LLC are the lead managers. The syndication team includes seven co-managers.

FHLBank System is a Washington, D.C.-based government-sponsored enterprise that provides member financial institutions funding support for mortgage lending and community investment.

Visa improves

Visa’s 3.15% notes due 2025 firmed about 2 bps to head out at 108 bps bid in the secondary market, a source said.

The company sold $4 billion of the notes (A1/A+) on Dec. 9 at a spread of 97 bps plus Treasuries.

The retail electronic payments network operator is based in San Francisco.

Westpac tightens

Westpac Banking’s 2% notes due 2021 traded earlier in the day 4 bps tighter at 76 bps offered, a market source said.

Westpac Banking sold $1.5 billion of the notes (Aa2/AA-/AA-) on Aug. 11 at a spread of 87.5 bps over Treasuries.

The Australian bank and financial services provider is based in Sydney.

Amgen firms

Amgen’s 2.6% senior notes due 2026 improved about 1 bp to 107 bps offered early Wednesday in the secondary market, a source said.

The company sold $1.25 billion of the notes (Baa1/A/) on Aug. 10 at 110 bps plus Treasuries.

Amgen is a Thousand Oaks, Calif., manufacturer and marketer of human therapeutics.

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