SunTrust, RBC, Narragansett Electric, National Rural, International Finance sell notes

By Cristal Cody

Tupelo, Miss., July 24 – The investment-grade primary market saw new bond deals on Tuesday from SunTrust Banks, Inc., Royal Bank of Canada, Narragansett Electric Co. and National Rural Utilities Cooperative Finance Corp.

SunTrust Banks sold $1.3 billion of senior notes in three parts.

Royal Bank of Canada priced a $100 billion reopening of floating-rate notes due July 22, 2020 that were first brought to the primary market on Monday.

Narragansett Electric placed $350 million of 10-year notes following fixed-income investor calls in the previous session.

National Rural Utilities Cooperative Finance sold $300 million of three-year floating-rate senior medium-term notes.

In addition, International Finance Corp. priced $2 billion of five-year notes tighter than talk on Tuesday.

More than $5 billion of investment-grade bonds priced during Monday’s session.

Syndicate sources expect about $20 billion to $25 billion of new issuance this week.

The Markit CDX North American Investment Grade 30 index firmed more than 1 basis point to close at a spread of 61 bps.

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