Deutsche Bank, Oneok, Enbridge price bonds; deal pipeline builds; Deutsche paper mixed

By Cristal Cody

Tupelo, Miss., July 10 – Several investment-grade bond issuers tapped the primary market, while the week’s deal pipeline is building, according to market sources on Monday.

Deutsche Bank AG, New York Branch sold $2.25 billion of three-year notes in fixed- and floating-rate tranches.

The bonds traded flat to about 2 basis points tighter in the secondary market.

Santander Holdings USA, Inc. priced $1.24 billion of new and reopened senior notes.

Oneok Inc. sold $1.2 billion of guaranteed senior notes in two parts.

Enbridge Inc. sold $1 billion of split-rated 60-year fixed-to-floating rate subordinated notes.

ORIX Corp. also offered dollar-denominated senior notes during the session.

Several deals are in the pipeline for the week, a market source said.

About $15 billion to $20 billion of bond volume is expected by market participants for the week.

The Canadian high-grade bond market saw two bank deals in the previous U.S. holiday week, a market source said.

Bank of Montreal and Canadian Imperial Bank of Commerce each priced five-year deposit notes. Additional deal details were not immediately available.

The Canadian market is expected to see a handful of new deals in the primary market this week.

“We think it will pick up,” the source said.

The Markit CDX North American Investment Grade index closed mostly flat to modestly softer at a spread of 62 bps.

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