National Australia Bank, Morgan Stanley, AT&T, PNC, Kommuninvest price; credit spreads flat

By Cristal Cody

Tupelo, Miss., May 16 – Investment-grade supply continued at a strong pace for a second straight session on Tuesday.

National Australia Bank Ltd. and National Australia Bank Ltd., New York Branch sold $3.5 billion of notes in four tranches.

Morgan Stanley came with $3.25 billion of five-year global medium-term senior notes.

AT&T Inc. priced $1.5 billion of four-year floating-rate global notes.

PNC Financial Services Group, Inc. priced $750 million of 10-year senior notes on Tuesday, while subsidiary PNC Bank, NA sold $1.5 billion of senior notes in two parts.

In addition, BNP Paribas SA priced $1 billion of five-year notes.

Kommuninvest I Sverige AB brought a $500 million offering of four-year bonds.

In other corporate issuance, Caterpillar Financial Services Corp. placed a $200 million add-on to its series H medium-term floating-rate notes due Jan. 10, 2020.

Also, EPR Properties priced an upsized $450 million offering of 10-year senior notes.

The Markit CDX North American Investment Grade index closed mostly flat at a spread of 62 basis points.

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