International Finance brings $3 billion as week tops expectations; Monsanto flat to weaker

By Cristal Cody and Aleesia Forni

Virginia Beach, July 2 – International Finance Corp. came to the high-grade primary market on Wednesday with a $3 billion offering of global notes.

The session’s only deal priced on top of talk, which had firmed slightly from earlier guidance.

With an early close on Thursday ahead of the July 4 holiday, Wednesday was likely the last day this week for any primary activity to surface.

“Next week we’ll see some action,” a source said.

This week saw a “surprising” $19 billion of new issuance, topping what sources had predicted to be around a $15 billion week.

Investment-grade bond spreads were little changed to a touch weaker over the session, a trader said.

“It looks like maybe a tad wider,” the trader said.

The Markit CDX North American Investment Grade series 22 index was unchanged at 57 basis points.

Colbun’s new issue priced during the session was not seen in aftermarket trading, according to a trader.

In the secondary market, Monsanto Co.’s bonds traded mostly unchanged to slightly weaker on the day, a trader said.

The bonds have “traded down since it priced,” the trader said.

Monsanto brought a $4.5 billion seven-part offering of senior notes (A3/BBB+/A-) on June 26.

Investment-grade bank and brokerage CDS prices on Wednesday were unchanged, according to a market source.

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