Bank of America, Lowe’s, Morgan Stanley price; Japan Agency plans deal; AT&T tightens

By Cristal Cody

Tupelo, Miss., April 19 – Pricing action stayed strong on Wednesday in the high-grade bond market with new deals from Bank of America Corp., Lowe’s Cos., Inc., Morgan Stanley and Basin Electric Power Cooperative.

Bank of America priced a $6.75 billion four-part offering of notes.

Lowe’s sold $3 billion of notes in two tranches.

Morgan Stanley tapped the primary market with a $1.75 billion offering of seven-year floating-rate senior notes.

Basin Electric Power Cooperative placed $500 million of 30-year first mortgage bonds in a Rule 144A and Regulation S offering on Wednesday.

In other deal action, Japan International Cooperation Agency is marketing dollar-denominated guaranteed bonds expected to price on Thursday.

The bonds are talked to price in the mid-swaps plus 65 bps area, according to a market source and a 424B5 filed with the Securities and Exchange Commission on Wednesday.

The non-callable global notes due April 27, 2027 will be guaranteed by Japan.

The Markit CDX North American Investment Grade index was mostly unchanged on Wednesday at a spread of 69 basis points.

AT&T Inc.’s 4.25% notes due March 1, 2027 firmed about 4 bps in the secondary market over the session.

Verizon Communications Inc.’s 4.125% notes due March 16, 2027 traded about 1 bp better.

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