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BMW, Home BancShares price; CubeSmart taps two bonds; AT&T tightens; Verizon softens
By Cristal Cody
Tupelo, Miss., March 30 – Issuance was steady over Thursday’s session with a handful of issuers in the primary market.
BMW US Capital, LLC brought a $2.2 billion five-part offering of notes during the session.
Home BancShares, Inc. priced $300 million of 10-year fixed-to-floating-rate subordinated notes.
CubeSmart, LP priced $100 million in reopenings of two existing bonds.
CubeSmart priced $50 million in a tap of its 4.375% notes due 2023 at 105.04 to yield 3.495% and a spread of Treasuries plus 155 bps. The $50 million add-on to the 4% notes due 2025 priced at 101.343 to yield 3.811%, or a Treasuries plus 140 bps spread.
Also on Thursday, Allina Health System placed $150 million of 30-year taxable bonds.
The Markit CDX North American Investment Grade index firmed about 1 basis point on Thursday to close at a spread of 67 bps.
In the secondary market, AT&T Inc.’s 4.25% notes due March 1, 2027 traded about 2 bps tighter at 165 bps bid, according to a market source.
Verizon Communications Inc.’s 4.125% notes due March 16, 2027 softened about 5 bps over the day to 155 bps bid, a market source said.
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