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SMBC, Amerisource, Ryder, BNZ price; Ryder firms; secondary quiet
By Aleesia Forni and Cristal Cody
Virginia Beach, Feb. 17 – Sumitomo Mitsui Banking Corp., AmerisourceBergen Corp., Ryder System Inc. and BNZ International Funding Ltd., London Branch priced new bonds on Tuesday to kick off the shortened week.
Sumitomo Mitsui Banking offered a $1.25 billion issue of reopened notes in two parts.
AmerisourceBergen received stellar demand for its new $1 billion two-part issue, attracting an orderbook that was around nine times oversubscribed.
Both tranches sold at the tight end of talk, which had been revised 10 basis points tighter and was roughly 33 bps tight compared to the midpoint of initial guidance.
In other primary happenings, Ryder System sold $400 million of five-year notes around 20 bps tight of guidance, BNZ International Funding priced a $600 million new issue, and Toyota Motor Credit Corp. sold $600 million of floaters.
In total, the primary market hosted $4.85 billion of supply during the session.
Sources are predicted around $20 billion of new issuance for the Presidents’ Day holiday-shortened week.
Secondary market activity was subdued over the day with many “out on break with school kids,” a trader said. “Quiet day.”
The Markit CDX North American Investment Grade index was unchanged at spread of 65 bps.
Ryder’s 2.65% notes due 2020 tightened 4 bps in aftermarket trading.
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