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Time Warner, Home Depot, ABN Amro price; Time Warner Cable continues to firm
By Aleesia Forni and Cristal Cody
Virginia Beach, May 28 – Time Warner Inc., Home Depot Inc., ABN Amro Bank NV, Norfolk Southern Corp. and Comerica Bank helped continue the primary market’s steady stream of issuance this week, bringing more than $11.1 billion of supply to the market Thursday.
The activity pushes the holiday-shortened week’s total to $19 billion of new issuance.
Time Warner sold both tranches of a new $2.5 billion bond around 10 basis points tight of initial price thoughts.
Home Depot was also in the market with a $2.1 billion new issue, while ABN Amro Bank priced $1.5 billion of senior notes in two parts.
Norfolk Southern upsized its new issue to $500 million from initial size thoughts of $400 million.
Meanwhile, Comerica priced a new $500 million issue of five-year notes.
The primary market also hosted a new deal from Freddie Mac – a $4 billion Reference Note priced in line with guidance.
Investment-grade credit spreads leaked wider on Thursday, sources said.
The Markit CDX North American Investment Grade series 23 index eased 1 bp to a spread of 64 bps.
Time Warner’s existing notes traded mostly unchanged over the day.
In other trading, Time Warner Cable Inc.’s bonds continued to tighten during the session. Charter Communications, Inc. announced on Tuesday it will acquire Time Warner Cable for $78.7 billion in cash and stock.
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