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High-grade primary action mostly quiet; Anheuser-Busch, AT&T ease; credit spreads widen
By Cristal Cody
Eureka Springs, Ark., June 10 – Investment-grade primary action mostly took a break on Friday following more than $25 billion of new bonds priced over the week.
Volume is expected to be lower in the week ahead with about $20 billion of issuance forecast, a source said.
Peapack-Gladstone Financial Corp. priced $50 million of 10-year fixed-to-floating-rate subordinated notes during the session.
The interest rate resets June 30, 2021 at Libor plus 485 bps.
Sandler O’Neill + Partners, LP was the bookrunner.
Proceeds will be used for general corporate purposes, potential strategic acquisitions and investments in the bank as regulatory capital to fund growth.
In the secondary market, Anheuser-Busch InBev Finance Inc.’s 3.65% notes due 2026 eased 4 bps on Friday to 135 bps bid, a market source said.
The Leuven, Belgium-based brewer sold $11 billion of the bonds (A3/A-/BBB+) on Jan. 13 at Treasuries plus 160 bps.
AT&T Inc.’s 4.125% notes due 2026 (Baa1//A-) softened about 1 bp on the day to 174 bps bid, a market source said.
AT&T priced a $900 million add-on to the bonds on May 3 at Treasuries plus 150 bps.
Wells Fargo & Co.’s new 4.4% subordinated notes due 2046 were quoted trading about 2 bps weaker than issuance earlier in the day.
The Markit CDX North American Investment Grade index closed the day 4 bps weaker at a spread of 79 bps.
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