Sweden wraps funding; CSX, Toyota Motor Credit, Ecolab price; credit spreads ease

By Cristal Cody

Eureka Springs, Ark., Oct. 13 – Investment-grade bond supply ended Thursday on a strong note with more than $8 billion of securities sold during the session.

The Kingdom of Sweden priced $3 billion of three-year benchmark notes on Thursday, attracting more than 70 investors for the final debt offering this year, according to a market source and a news release.

“There was a great demand for our bonds, and the market conditions were positive,” Maria Norstrom, head of funding at the Swedish National Debt Office, said in the release. “This enabled us to price the issue at a favorable level. We are pleased to see that the bond was placed with a large number of investors around the world.”

In other pricing action, CSX Corp. sold $2.2 billion of fixed-rate notes in three tranches on Thursday.

Toyota Motor Credit Corp. priced $2 billion of medium-term notes in three parts.

Ecolab Inc. came with a $1 billion two-part offering of notes.

Also, the Japan International Cooperation Agency priced $500 million of 10-year guaranteed bonds.

The Markit CDX North American Investment Grade index was modestly softer over the day at a spread of 76 basis points.

Sumitomo Mitsui Financial Group Inc.’s senior notes that were priced on Tuesday traded about 3 bps to 5 bps better than issuance in the secondary market earlier on Thursday.

Phillips 66 Partners LP’s 3.55% senior notes due 2026 that were sold on Tuesday tightened about 7 bps in secondary trading.

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