Westpac Banking sells $2.25 billion notes; Inter-American Bank upsizes

By Cristal Cody

Tupelo, Miss., July 16 – Deal volume slowed in the high-grade primary market on Tuesday with two reported issuers.

Westpac Banking Corp. priced $2.25 billion of subordinated notes in two tranches after holding fixed income investor calls.

The Inter-American Development Bank priced an upsized $2.5 billion two-part offering of global notes.

On Monday, more than $5 billion of securities were priced from issuers that included Cooperatieve Rabobank U.A., Burlington Northern Santa Fe, LLC, British Airways Plc, John Deere Capital Corp., Bank of Nova Scotia, Canadian Imperial Bank of Commerce, Reliance Standard Life Global Funding II and Terrafina, LLC.

About $25 billion to $30 billion of supply is forecast by market sources this week.

Possible bank and financial issuance is anticipated following the release of earnings reports this week.

On Tuesday, Goldman Sachs Group Inc., JPMorgan Chase & Co. and Wells Fargo & Co. released their earnings reports. On Wednesday, Bank of America Corp. releases its earnings, followed by Morgan Stanley on Thursday.

Citigroup Inc. released its second quarter earnings report on Monday.

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