World Bank, TD Bank, CBS sell notes; MUFG firms; Anheuser-Busch mostly flat; CDX firms

By Cristal Cody

Eureka Springs, Ark., July 6 – World Bank, Toronto-Dominion Bank and CBS Corp. tapped the high-grade market on Wednesday as bonds improved over the day.

World Bank (Aaa/AAA) came with a $5 billion three-year global benchmark bond offering that priced with a spread of 22.7 basis points over Treasuries, “making it the tightest USD three-year benchmark from a sovereign, supranational or agency (SSA) issuer of 2016,” the bank said in a release.

The bank noted it’s the first benchmark bond issued by a supranational following the recent market volatility.

Also on Wednesday, Toronto-Dominion Bank sold $3 billion of three- and five-year fixed- and floating-rate senior medium-term notes in four parts.

CBS priced $700 million of senior notes due Jan. 15, 2027 with a spread of 170 bps over Treasuries.

The Markit CDX North American Investment Grade index ended the day 2 bps tighter at a spread of 77 bps.

Bank and financial paper was mixed in the secondary market. Mitsubishi UFJ Financial Group, Inc.’s 3.85% notes due 2026 traded 5 bps better on the day.

Anheuser-Busch InBev Finance Inc.’s 3.65% senior notes due 2026 headed out unchanged to 1 bp tighter.

Oracle Corp.’s senior notes (A1/AA-) were about 6 bps to 8 bps weaker early in the session.

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