Supply picks up; Bank of America, Nordea, Zions, Timken price notes; AstraZeneca steady

By Cristal Cody

Tupelo, Miss., Aug. 22 – High-grade primary market activity picked up on Wednesday with several issuers pricing notes during the session.

Bank of America Corp. sold $1.75 billion of two-year floating-rate notes.

Nordea Bank AB priced $1 billion of five-year fixed- and floating-rate notes.

Zions Bancorporation raised $500 million in an offering of three-year senior notes.

Also, Timken Co. priced $400 million of long 10-year notes.

Nearly $9 billion of investment-grade bonds have been sold week to date.

Thin volume of about $5 billion to $10 billion of issuance was forecast for the week by syndicate sources.

AstraZeneca plc’s 4% notes due Jan. 17, 2029 priced in its $3 billion four-part deal on Aug. 14 were slightly better at 100.375 from the par area in the previous session in thin secondary trading, according to market sources. The notes were heavily traded on Tuesday.

The Cambridge, England-based biopharmaceutical company sold $1 billion of the notes (A3/BBB+/A-) at 99.59 to yield 4.049%.

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