Wells Fargo, Essex, RBC, EIB, Quebec, Santander tap primary market; credit spreads tighten

By Cristal Cody

Tupelo, Miss., Feb. 4 – Wells Fargo & Co. led supply in the high-grade primary market on Tuesday with a $6 billion two-part offering of registered medium-term notes.

Also on Tuesday, Essex Portfolio, LP priced an upsized $500 million of 12-year guaranteed senior notes.

Royal Bank of Canada sold $300 million of senior floating-rate notes due Aug. 5, 2022.

The high-grade sovereign, supranational and agency market saw its first bond deals print Tuesday after more than a week of no issuance.

The European Investment Bank priced $3 billion of three-year global notes.

The Province of Quebec sold $2.5 billion of five-year notes.

Santander UK plc brought $1.25 billion of three-year covered bonds.

Meanwhile, a handful of companies were looking at the euro-denominated primary market on Tuesday, including International Business Machines Corp., Dow Chemical Co. and Comcast Corp., markets sources report.

IBM sold €3.75 billion of registered fixed-rate notes (A2/A/) in three tranches.

The Markit CDX North American Investment Grade 33 index tightened more than 2 basis points on the day to close at a spread of 47 bps.

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