Wells Fargo, European Stability Mechanism, TD Bank price; Nuveen eyes deal; Walmart firms

By Cristal Cody

Tupelo, Miss., Oct. 16 – High-grade supply slowed on Tuesday as stocks rallied and focus turned to third quarter earnings results from issuers including Goldman Sachs Group Inc. and Morgan Stanley.

Wells Fargo Bank NA tapped the primary market with a $3.25 billion two-part offering of notes.

In other issuance, the European Stability Mechanism sold $3 billion of two-year notes tighter than guidance.

Also in SSA supply, Toronto-Dominion Bank priced $2 billion of three-year notes on Tuesday.

More than $8 billion of investment-grade bonds were sold on Monday, with the bulk from Conagra Brands, Inc.’s $7.03 billion seven-part offering of senior notes.

Bank supply is expected this week on the heels of earnings releases, according to market sources.

Elsewhere on Tuesday, Nuveen, LLC (Aa2/BBB+/AA+) held fixed-income investor calls for a Rule 144A and Regulation S offering of guaranteed senior notes, according to market sources.

In other activity on Tuesday, Walmart Inc. lowered its earnings guidance for 2019 as the company digests a $16 billion acquisition of Flipkart Private Ltd.

The retailer’s senior notes (Aa2/AA/AA) priced as part of a $16 billion nine-part deal in June headed out about 4 basis points tighter from Monday’s levels and remain better than issuance.

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