Deutsche, Plains, Abbey National, Fifth Third price; Home Depot, Wal-Mart firm ahead of earnings

By Aleesia Forni and Cristal Cody

Virginia Beach, Aug. 17 – The investment-grade bond market hosted Deutsche Bank AG, Plains All American Pipeline, LP, Abbey National Treasury Services plc and Fifth Third Bank on Monday, kicking off the week with $6.2 billion of new issuance.

Financial issuers Deutsche Bank, Fifth Third and Santander’s Abbey National were each in the primary with new issues priced at the tight end of guidance.

Also on Monday, Plains All American sold $1 billion of five-year notes around 12.5 basis points tight of the mid-point of price talk, while Xerox Corp. was forced to price its new $400 million five-year offering around 25 bps wide of initial guidance.

The session also saw new deals from International Finance Corp., Huntington National Bank and Ryder System Inc.

In secondary trading, Home Depot Inc.’s 4.25% senior notes due 2046 tightened 3 bps ahead of the company’s second quarter earnings report set for release before the market opens on Tuesday.

Wal-Mart Stores Inc.’s bonds (Aa2/AA/AA) traded flat to 3 bps tighter. The retailer also plans to release its second quarter earnings ahead of the market opening on Tuesday.

In other secondary action, AT&T Inc.’s 3.4% notes due 2025 headed out 5 bps better on the bid side.

Verizon Communications Inc.’s 3.5% notes due 2024 were mostly unchanged.

The Markit CDX North American Investment Grade index was flat on Monday at a spread of 77 bps.

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