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RBS brings CoCo tier 1 notes; Time Warner flat to tighter; Verizon firms
By Aleesia Forni and Cristal Cody
Virginia Beach, Aug. 5 – Royal Bank of Scotland Group plc priced a $3.15 billion issue of perpetual tier 1 securities during a quiet session for investment-grade bonds on Wednesday.
The subordinated contingent convertible notes sold in two parts: $2 billion of notes that are non-callable for five-years and $1.15 billion of notes non-callable for 10 years.
Elsewhere in the primary market, NextEra Energy Capital Holdings, Inc. priced a remarketing of $649,994,000 of series F debentures due Sept. 1, 2017, which were originally issued as part of NextEra Energy’s corporate units on Sept. 11, 2012.
The preferred primary market also saw some activity on Wednesday, with Citigroup Inc. selling $1.25 billion of 5.95% $1,000-par issue of series Q fixed-to-floating noncumulative preferreds, a market source reported.
In the secondary market on Wednesday, Time Warner Inc.’s notes (Baa2/BBB) traded unchanged to 2 basis points tighter following the company’s release of strong second-quarter sales and profit figures.
In other trading, Time Warner Cable Inc.’s 4.125% notes due 2021 were about 1 bp better.
Verizon Communications Inc.’s 3.5% notes due 2024 firmed 3 bps during the session.
AT&T Inc.’s 3.4% notes due 2025 were about 1 bp softer in secondary trading.
The Markit CDX North American Investment Grade index was unchanged to modestly tighter, going out at a spread of 72 bps on Wednesday.
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