Sterling Bancorp offers fixed/floaters; Steel Dynamics firms

By Cristal Cody

Tupelo, Miss., Dec. 11 – One investment-grade company marketed registered bonds on Wednesday in an otherwise quiet deal session.

Sterling Bancorp launched a $200 million offering of 10-year fixed-to-floating-rate subordinated notes (expected ratings Kroll: BBB) at the start of the session. The notes are non-callable for five years.

Otherwise, the lone reported high-grade issuer was Public Storage with a $200 million offering of preferred securities.

Investment-grade bond supply so far this week totals more than $4.5 billion, near the $5 billion to $10 billion range syndicate sources forecasted.

Meanwhile, new issues priced this week have traded mostly better in the secondary market, a source said.

Steel Dynamics, Inc.’s $1 billion two-part offering of fixed-rate senior notes (Baa3/BBB-/BBB) that priced tighter than guidance on Monday improved more than 5 bps.

The company’s 3.45% notes due April 15, 2030 were seen 8 bps tighter in the 157 bps area.

Steel Dynamics sold $600 million of the notes on Monday.

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