Export Development Canada prices; bank supply on way; Toyota, Deutsche Bank, Phillips firm

By Cristal Cody

Eureka Springs, Ark., Oct. 14 – Export Development Canada ended the week’s high-grade primary action with a $1 billion offering of five-year bonds on Friday.

Looking to the week ahead, market sources expect about $25 billion of investment-grade supply with bank and financial volume forecast.

In the secondary market, new corporate bonds traded flat to tighter on Friday, while bank and financial paper traded mostly unchanged to modestly tighter, sources said.

CSX Corp.’s notes (Baa1/BBB+/) priced on Thursday were seen flat to 2 basis points better in secondary trading.

Toyota Motor Credit Corp.’s $2 billion of series B medium-term notes (Aa3/AA-/) priced in three tranches in the previous session traded about 1 bp to 3 bps tighter.

Deutsche Bank AG’s new 4.25% notes due 2021 remained about 14 bps tighter than issuance in the secondary market on Friday. The bank’s existing 4.1% notes due 2026 tightened about 5 bps to 252 bps bid on Friday.

Phillips 66 Partners LP’s senior notes (Baa3/BBB/) sold on Tuesday traded about 7 bps to 10 bps tighter.

The Markit CDX North American Investment Grade index closed the day mostly unchanged at a spread of 76 bps.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.