Financials dominate primary; secondary slows amid primary surge; Credit Suisse firms

By Aleesia Forni and Cristal Cody

Virginia Beach, Sept. 4 – Issuers continued to pile into the high-grade bond market on Thursday, pushing the week’s total to a staggering $54 billion.

Financials again dominated primary activity during the session, with new deals pricing from Credit Suisse AG, Barclays, Bank of New York Mellon, American Honda Finance Corp. and Bank of Nova Scotia.

Credit Suisse, New York branch sold a $3 billion 10-year note, while Barclays priced a subordinated note offering due 2024.

American Honda Finance sold a two-part issue of notes in tranches due 2016 and 2019.

Meanwhile, Bank of New York Mellon sold a two-part new issue, while Scotiabank offered a $1.5 billion covered bond.

Also on Thursday, Fannie Mae brought to market a $4.5 billion 10-year offering of Benchmark Notes.

The session also saw Swiss Re Corporate Solutions Ltd. issue a new 30-year offering of subordinated bonds.

There was also a $2 billion offering from the Province of Ontario.

In other primary happenings, Omega Healthcare Investors, Inc. announced plans to price a new bond offering during the session.

High-grade credit spreads softened slightly on the day but remain mostly unchanged, sources said.

Secondary trading has slowed over the week as primary activity takes a front seat, a trader said.

In aftermarket trading on Thursday, Credit Suisse’s 3.625% notes due 2024 tightened 5 basis points, according to a trader.

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