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High-grade supply strong; Citi, Westpac, Deutsche, PNC, TPG, Kommuninvest, EDC, Dexia price
By Cristal Cody
Tupelo, Miss., Jan. 17 – Bank and financial supply dominated the high-grade primary market on Wednesday with new paper priced during the session from Citigroup Inc., Westpac Banking Corp., Deutsche Bank AG, New York Branch and PNC Bank, NA.
Wells Fargo Bank NA, JPMorgan Chase & Co. and ANZ New Zealand International Ltd. priced notes on Tuesday.
Also on Wednesday, middle-market lender TPG Specialty Lending Inc. priced $150 million of five-year notes.
In SSA issuance, Dexia Credit Local SA, Export Development Canada and Kommuninvest I Sverige AB tapped the investment-grade primary market on Wednesday.
In other corporate deal activity during the session, Hercules Capital, Inc. was scheduled to conclude a second day of fixed income investor calls. The company is expected to tap the primary market with a reopening of its 4.625% notes due Oct. 23, 2022 (/BBB-/) via Citigroup Global Markets Inc., Jefferies & Co. and Wells Fargo Securities, LLC.
The Markit CDX North American Investment Grade 29 index ended the day mostly unchanged at a spread of 48 basis points.
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