FHLB, Westlake Chemical, Owens Corning price; Microsoft bonds mixed; spreads tighten

By Cristal Cody

Eureka Springs, Ark., Aug. 3 – Pricing action remained strong in the investment-grade market with more than $5 billion of bonds priced on Wednesday.

The Federal Home Loan Bank System came with its previously announced $3.5 billion sale of three-year Global Notes.

Westlake Chemical Corp. priced $1.45 billion of 10- and 30-year senior notes.

Owens Corning sold $400 million of 10-year senior notes during the session.

Columbia Property Trust Operating Partnership, LP raised $350 million in an offering of 10-year senior notes.

In addition, Barclays plc and J.P. Morgan Chase & Co. planned to tap the market, a source said.

The Markit CDX North American Investment Grade index opened the session about 1 basis point tighter and ended the day 2 bps better at a spread of 75 bps.

In the secondary market, Microsoft Corp.’s $19.75 billion of senior notes (Aaa/AAA/) priced in seven parts on Monday traded flat from issuance to about 4 bps tighter early Wednesday.

Microsoft’s 2.4% notes due 2026 were quoted at 87 bps offered. They were sold at a spread of 90 bps plus Treasuries.

Microsoft’s 3.7% notes due 2046 improved to 141 bps offered, tighter than where the tranche priced at 145 bps plus Treasuries in Monday’s sale.

The company’s 3.95% notes due 2056 were unchanged early in the session at the 180 bps area.

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