U.S. Bank, Toyota Motor Credit, Ingersoll-Rand price; Textron firms; Verizon unchanged

By Aleesia Forni and Cristal Cody

Virginia Beach, Oct. 23 – Issuance in the investment-grade bond market continued on Thursday, with $4.7 billion of supply pricing during the session.

U.S. Bank NA, Textron Inc., Toyota Motor Credit Corp. and Ingersoll-Rand Luxembourg Finance SA made their way to the primary amid a positive market tone.

Ingersoll-Rand upsized its three-part offering on Thursday and garnered an order book that was more than five times oversubscribed.

All three tranches of the new issue sold at the tight end of price talk, which firmed around 15 bps compared to initial guidance.

In other primary happenings, U.S. Bank priced a $2 billion offering of five-year senior bank notes in fixed- and floating-rate tranches at the tight end of talk.

Textron also priced it $350 million offering at the tight end of price talk, while Toyota Motor Credit priced a $1.25 billion issue of five-year floating-rate notes.

Investment-grade new issuance has totaled $26.13 billion this week, topping expectations of $15 billion to $20 billion.

In aftermarket trading, Ingersoll-Rand’s notes traded about 1 bp to 2 bps tighter on the bid side, a trader said.

Textron’s 3.875% notes due 2024 firmed 4 bps in the secondary market, a trader said.

In other secondary activity, Verizon Communications Inc.’s new 3.5% senior notes due 2024 traded mostly unchanged from Wednesday, a trader said.

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