Florida Light, Toyota, IFC price notes; energy, financials soft; credit spreads widen

By Cristal Cody

Tupelo, Miss., March 11 – A handful of bond deals managed to print over Wednesday’s session while investment-grade credit spreads widened nearly 10 basis points after the World Health Organization classified the coronavirus as a pandemic.

Florida Power & Light Co. priced $174.66 million of 50-year floating-rate notes.

Toyota Motor Credit Corp. sold $100 million of two-year fixed-to-floating-rate medium-term notes.

In addition, World Bank Group member International Finance Corp. brought $1 billion of three-year global social notes to the primary market as part of a $6 billion funding package to assist with the health and economic impacts from the virus outbreak.

World Bank plans up to $8 billion of new issuance for crisis support financing that also includes up to $2.7 billion of financing from International Bank for Reconstruction and Development and $1.3 billion from the International Development Association.

Investment-grade credit spreads softened further on Wednesday after improving in the prior session following Monday’s move out by about 31 bps.

The Markit CDX North American Investment Grade 33 index ended Wednesday nearly 10 bps wider at a spread of 116.09 bps.

Stocks were weak at the open of the session and finished down more than 4%. The Dow Jones industrial average shed more than 1,460 points, or 5.86%, on the day.

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