Bank of America, BMO, Equifax, Howmet price; Kommuninvest, Bank of England offer notes

By Cristal Cody

Tupelo, Miss., April 22 – A handful of high-grade issues priced in the primary market on Wednesday, led by new bank paper.

Bank of America Corp. priced $3 billion of fixed-to-floating-rate senior notes due 2031.

Bank of Montreal sold $1.5 billion of five-year senior medium-term notes.

Equifax Inc. brought $1 billion of senior notes in two tranches to the market.

Also during the session, Howmet Aerospace Inc. priced an upsized $1.2 billion of split-rated five-year senior notes (Ba3/BBB-/BBB-) at par to yield 6.875%, compared to initial talk in the 7.75% area. The notes came at a spread of 651 basis points over Treasuries.

Investment-grade issuers have priced more than $16 billion of bonds week to date with supply slowing from the record volumes seen throughout March and the first week of April.

In addition, Kommuninvest I Sverige AB (Aaa/AAA/) is expected to bring $1 billion of notes due Feb. 2, 2022 in a Rule 144A and Regulation S transaction on Thursday, according to an informed source.

Kommuninvest is an Orebro-based company that offers funding to municipalities of Sweden.

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