Regions, New York Life, Owens, CPPIB, Cades, Nordic Bank price; KfW offers global notes

By Cristal Cody

Tupelo, Miss., Jan. 23 – Several corporate and SSA issuers tapped the high-grade bond market on Tuesday, while credit spreads firmed during the session.

Regions Financial Corp. priced a $900 million two-part offering of senior notes.

Regions priced $350 million of long two-year floating-rate notes at Libor plus 38 bps and $550 million of 2.75% notes due April 1, 2021 at a spread of 58 bps over Treasuries.

New York Life Global Funding sold $500 million of two-year floating-rate notes.

Owens Corning brought a $400 million offering of 30-year senior notes to the market.

In SSA issuance, Caisse d’Amortissement de la Dette Sociale priced $2 billion of three-year notes tighter than guidance.

The 2.375% notes due Jan. 29, 2021 were priced at a spread of mid-swaps plus 10 bps, or Treasuries plus 29.6 bps, according to a market source. The notes were initially talked to price in the mid-swaps plus 14 bps area.

CPPIB Capital Inc. priced $2 billion of three-year notes in line with talk.

Also, Nordic Investment Bank sold $1 billion of three-year global notes.

Looking ahead to supply on Wednesday, KfW is expected to price an offering of long 10-year global notes.

The Markit CDX North American Investment Grade 29 index closed on Tuesday nearly 1 basis point tighter at a spread of 46 bps.

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