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Investment-grade primary light; credit spreads weaken; Anheuser-Busch firms; Oracle tightens
By Cristal Cody
Eureka Springs, Ark., July 5 – Investment-grade primary action in the U.S. markets stayed mostly quiet on Tuesday following the holiday weekend, while about $20 billion of volume is forecast for the week, according to market sources.
National Australia Bank Ltd. priced a $4 billion four-part offering of notes. Final pricing details were not available by press time.
Daimler Canada Finance Inc. tapped the Canadian high-grade market with a C$750 million offering of floating-rate and fixed-rate senior notes.
Credit spreads were weaker on Tuesday compared to Friday. The Markit CDX North American Investment Grade index closed 5 basis points softer at a spread of 79 bps.
Anheuser-Busch InBev Finance Inc.’s 3.65% senior notes due 2026 traded 4 bps tighter over the session.
Oracle Corp.’s new notes (A1/AA-) were stronger earlier in secondary trading.
Anheuser-Busch improves
Anheuser-Busch’s 3.65% notes due 2026 tightened 4 bps to 130 bps bid over the day, a market source said.
The company sold $11 billion of the notes (A2/A-) on Jan. 13 at a spread of Treasuries plus 160 bps.
The brewery is based in Leuven, Belgium.
Oracle tightens
Oracle’s 1.9% notes due 2021 were quoted 5 bps better than where the notes traded on Friday at 77 bps offered early Tuesday, a market source said.
The company sold $4.25 billion of the notes on June 29 at 90 bps over Treasuries.
Oracle’s 2.65% notes due 2026 traded about 8 bps tighter from Friday at 107 bps offered earlier in the session.
The notes priced in a $3 billion tranche in June 29’s sale at Treasuries plus 120 bps.
The computer software and technology company is based in Redwood City, Calif.
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