U.S. Bancorp, Owl Rock tap high-grade primary; Quebec sells notes

By Cristal Cody

Tupelo, Miss., July 16 – Investment-grade supply included corporate and sovereign, supranational and agency issuance on Thursday.

U.S. Bancorp priced $1.25 billion of 10-year medium-term senior notes (A1/A+/A+) more than 20 basis points tighter than initial talk a day after posting second quarter earnings results.

Owl Rock Capital Corp. sold $500 million of senior notes due Jan. 15, 2026 (Baa3/BBB-/BBB-) in an offering upsized from $300 million.

In SSA primary action, the Province of Quebec (Aa2/AA-/AA-) priced $3.25 billion of five-year global notes better than guidance.

High-grade issuers have priced $5.75 billion of SSA notes and about $9 billion of corporate bonds week to date.

As little as $10 billion to about $20 billion of volume was expected by market participants for the week as supply slows from the record-breaking volume seen over the previous four months.

Coronavirus impact on bank and financial earnings has been in focus this week with the release of second quarter earnings reports from Citigroup Inc., JPMorgan Chase & Co., and Wells Fargo & Co. on Tuesday, Goldman Sachs Group Inc. on Wednesday and Bank of America and Morgan Stanley on Thursday.

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