Japan Finance prices $1 billion; Canada primary market active; American Express mixed

By Cristal Cody

Tupelo, Miss., April 12 – Japan Finance Organization for Municipalities brought $1 billion of five-year global medium-term notes to the high-grade primary market on Wednesday in the last full session of the week.

More than $7 billion of bonds have priced week to date, with market sources expecting about $10 billion of supply for the short week.

The Canadian high-grade primary market was active on Wednesday with two new deals.

Inter Pipeline Ltd. priced C$500 million of 2.734% seven-year senior medium-term notes at par to yield a spread of 139 basis points over the interpolated Government of Canada bond curve.

Canadian Real Estate Investment Trust priced C$125 million of 2.951% senior debentures due Jan. 18, 2023 at 99.997 to yield 2.952%, or a spread of 174 bps over the interpolated Government of Canada bond curve.

The bond markets are expected to be mostly quiet on Thursday with the early market close, but the Canada primary market might see a transaction, a syndicate source said.

Corporate bonds were mixed in the secondary market.

Citigroup, Inc.’s 4.75% subordinated notes due May 18, 2046 traded about 1 bp softer on Wednesday.

American Express Credit Corp.’s notes (A2/A-/A) were mixed in secondary trading.

Mitsubishi UFJ Financial Group, Inc.’s 3.677% senior notes due Feb. 22, 2027 traded about 1 bp weaker over the day.

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