Primary hosts Toyota, Stifel; Toyota Motor Credit firms; Time Warner Cable trades

By Aleesia Forni and Cristal Cody

Virginia Beach, July 15 – Financial issuers continued to dominate the high-grade primary market on Tuesday.

The session saw Toyota Motor Credit Corp. and Stifel Financial Corp. head to the bond market with new offerings.

Toyota Motor Credit raised $1.25 billion of notes during the session, while Stifel Financial priced an upsized offering of senior notes due 2024.

Financial names have made up the bulk of new issuance this week, with around $4.6 billion of the week’s $6 billion of supply coming from the financial sector.

Expectations for total issuance this week are around $20 billion.

Investment-grade bonds were mixed over the day in light activity, according to market sources.

In aftermarket trading, Toyota Motor Credit’s 2.125% notes due 2019 tightened 2 basis points on the bid side, a trader said.

Stifel Financial's new offering was not seen in late afternoon trading, according to a trader.

Time Warner Cable Inc.’s long bonds (Baa2/BBB/BBB) remained active in the secondary market over the day, according to a trader.

The company’s bonds traded more heavily over the past two sessions on concerns regulatory authorities will not approve its merger with Comcast Corp., market sources said.

Investment-grade bank and brokerage CDS prices were lower on Tuesday, according to a market source.

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