Mizuho, TMCC, AmEx Credit revive primary; bank, financial paper firms in secondary

By Aleesia Forni

Virginia Beach, Sept. 18 – Activity in the primary market picked up on Thursday following Wednesday’s Federal Open Market Committee statement.

The session was dominated by financial issuers, with Mizuho Bank Ltd., Toyota Motor Credit Corp., American Express Credit Corp. and Toronto-Dominion Bank pricing new bonds.

The day’s largest new issue came from Mizuho Bank, who sold $2.5 billion of senior notes in four tranches.

American Express was in the market with a $1 billion two-part offering of three-year notes.

Meanwhile, Toyota Motor Credit priced an upsized $350 million of two-year floating-rate notes.

The session also saw Toronto-Dominion Bank come to market with a $1.75 billion covered bond.

Also on Thursday, Freddie Mac passed on its reference notes issuance in September.

The day’s $5.6 billion of new issuance pushes the week’s supply to roughly $19.35 billion, just shy of what sources had expected to be a $20 billion to $25 billion week.

In the secondary, bank and financial paper traded around 1 basis point to 2 bps tighter, a market source said.

American Express’s new 1.55% bonds were quoted 2 bps better near the end of the session.

Mizuho’s bonds priced late in the day and were not seen in aftermarket trading.

The recently priced covered bond from Royal Bank of Canada continued to trade better, firming 1 bp on the day.

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