Toronto-Dominion, GATX, Bemis price; Shire preps five-part deal; credit spreads flat

By Cristal Cody

Eureka Springs, Ark., Sept. 8 – Investment-grade primary action slowed compared to the previous two sessions but remained active with several issuers on Thursday.

Toronto-Dominion Bank priced $1.5 billion of 15-year non-viability contingent capital subordinated notes during the session.

GATX Corp. sold $350 million of 10-year senior notes.

Bemis Co., Inc. brought $300 million of 10-year senior notes to market on Thursday.

In the Canadian high-grade primary market, Inter Pipeline Ltd. priced C$350 million of seven-year senior medium-term notes.

The Canadian Western Bank and Suncor Energy Inc. also were in the Canadian primary market with bond offerings on Thursday, a source said. Final details were not available by press time.

Coming up, high-grade supply includes a five-part deal from Shire Acquisitions Investments Ireland DAC, which is marketing the senior notes over the upcoming week.

In other expected new issuance, Southern Co. Gas Capital Corp. plans to sell seven- and 30-year senior notes.

The Markit CDX North American Investment Grade index ended unchanged at a spread of 72 bps.

In the secondary market, American Honda Finance Corp.’s 2.3% notes due 2026 that priced on Tuesday traded 4 bps better earlier in the day.

Mitsubishi UFJ Financial Group, Inc.’s 2.757% senior notes due 2026 brought to market on Tuesday traded flat to 1 bp wider than issuance.

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