High-grade issuers Toyota, CBOE, Gladstone, Charles Schwab offer notes; Nasdaq, CVS mixed

By Cristal Cody

Tupelo, Miss., Dec. 8 – High-grade primary action continued on Tuesday following more than $11 billion of supply on Monday.

Toyota Motor Credit Corp. priced $2.75 billion of medium-term notes (A1/A+/A+) in two tranches, including $2 billion of floating-rate notes due Dec. 13, 2021 and $750 million of floating-rate notes due June 13, 2022.

CBOE Global Markets, Inc. sold $500 million of 10-year senior notes (A3/A-/) during the session.

Gladstone Capital Corp. tapped the primary market with $100 million of registered notes due Jan. 31, 2026 (Egan-Jones: A-) on Tuesday.

Charles Schwab Corp. also offered two tranches of fixed-rate senior notes (A2/A/A), as well as fixed-rate reset perpetual preferred stock (Baa2/BBB/BBB-), following fixed income investor calls in the prior session.

Week-to-date volume totals more than $14 billion.

About $15 billion to $20 billion of high-grade bonds are anticipated to price over the week, according to syndicate sources.

Supply was strong out of the gate on Monday with $11.45 billion of new notes from issuers including CVS Health Corp., Morgan Stanley and Nasdaq, Inc.

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