High-grade supply slows; Inter-American Bank leads volume; Tanger, Customers Bancorp price

By Cristal Cody

Tupelo, Miss., June 28 – Primary action slowed with about $3.2 billion of bonds priced in the investment-grade market on Wednesday, including one split-rated deal.

Inter-American Development Bank priced $2.3 billion of 10-year global notes.

In corporate issuance, Tanger Properties LP sold $300 million of 10-year senior notes.

Customers Bancorp Inc. brought an upsized $100 million offering of five-year senior notes.

Also, Kinross Gold Corp. priced $500 million of 4.5% 10-year split-rated notes (Ba1/BB+/BBB-) at a Treasuries plus 228 basis points spread, a source said.

More than $10 billion of bonds priced in the first two sessions of the week.

The Markit CDX North American Investment Grade index tightened about 1 bp to a spread of 60 bps on Wednesday.

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