Morgan Stanley, Ford Motor Credit, Rio Tinto price; Time Warner tight; Home Depot mixed

By Aleesia Forni and Cristal Cody

Virginia Beach, June 11 – Morgan Stanley, Ford Motor Credit Co. LLC, Rio Tinto Finance (USA) plc, Caterpillar Financial Services Corp. and Devon Energy Corp. tapped the primary market on Thursday, pricing mostly shorter-date paper.

In total, this week has seen more than $39.8 billion of new investment-grade issuance, pushing June’s total so far to roughly $63 billion.

Morgan Stanley offered a $2.9 billion issue of five-year notes in fixed- and floating-rate tranches, and Ford Motor Credit attracted an order book that was around 1.5 times oversubscribed for its new $1.5 billion two-part offering of three-year notes.

Also on Thursday, Rio Tinto Finance priced a $1.2 billion 10-year note, while Caterpillar Financial Services and Devon Energy were each in the market with upsized new issues.

Svensk Exportkredit AB joined the forward calendar on Thursday, mandating leads ahead of a planned five-year green bond offering.

Investment-grade bonds headed out mixed in secondary trading.

Time Warner Cable Inc.’s 4.125% notes due 2021 traded 7 bps tighter. Time Warner Cable’s bonds have tightened about 100 bps since Charter Communications, Inc. announced in May it will acquire the company for about $79 billion in cash and stock.

Time Warner Inc.’s bonds (Baa2/BBB) were unchanged to about 1 bp better on Thursday.

Home Depot Inc.’s bonds (A2/A/A) traded flat to 2 bps softer.

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