Busy week kicks off with $15 billion of supply; new deals mostly tighter in secondary

By Aleesia Forni

Virginia Beach, March 9 – The investment-grade bond market hosted $15.54 billion of supply from 15 issuers during a frenzied session for the primary.

Barclays plc sold the day’s largest new issue, pricing $3 billion of senior notes in tranches due 2018 and 2025.

The Bank of England sold a $2 billion issue of three-year notes, while Toyota Motor Credit Corp. priced a $1.75 billion offering of notes in two parts.

The session saw Aflac Inc., Columbia Property Trust Operating Partnership LP and EPR Properties come to market with upsized new issues.

Duke Energy Carolinas LLC attracted an orderbook that was roughly 2.8 times oversubscribed for its $500 million issue of first and refunding mortgage bonds.

Meanwhile, Potomac Electric Power Co. sold a $200 million add-on to its existing 4.15% first mortgage bonds due 2043, attracting an orderbook the was around two times oversubscribed.

New deals from San Diego Gas & Electric Co., BorgWarner Inc., Credit Agricole SA, Spectra Energy Partners LP, Toronto-Dominion Bank, ACE INA Holdings Inc. and Abbey National Treasury Services plc also priced during the session.

Kommunalbanken AS and FMS Wertmanagement joined the forward calendar during the session, both setting price talk for bond offerings expected to price later this week.

In the secondary market, spreads continued to ease over the trading day, while new issues mostly firmed.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.