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UBS, PNC, KeyBank price; tone solid despite slower pace; Time Warner Cable keeps gains
By Aleesia Forni and Cristal Cody
Virginia Beach, May 27 – Financial names dominated the high-grade primary market on Wednesday.
UBS AG, Stamford Branch and PNC Bank NA each priced $3 billion new bond offerings during the session.
KeyBank NA also sold senior bank notes on Wednesday, pricing $1.75 billion in three tranches due 2018 and 2025.
Xcel Energy Inc., the day’s lone issuer from the energy sector, sold $500 million of notes in two tranches.
In the preferred market, MetLife Inc. priced $1.5 billion of 5.25% $1,000-par series C fixed-to-floating-rate preferreds.
The investment-grade primary market has hosted $9 billion of new issuance for the shortened week so far, more than halfway towards the revised $15 billion of new issuance expected.
“Things are slower, but the market is still strong,” one market source said of the calmer pace of the primary market following the Memorial Day holiday weekend.
Time Warner Cable Inc.’s bonds (Baa2/BBB/BBB) held onto gains over Wednesday’s session.
The bonds tightened more than 60 basis points on Tuesday following the announcement the company will be acquired by Charter Communications, Inc. for $78.7 billion in cash and stock.
Comcast Corp.’s 4.6% senior notes due 2045 priced in the previous week traded 2 bps softer earlier in the day.
AT&T Inc.’s bonds (/BBB+/A-) were mixed over the day.
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