Toyota Motor Credit, Bank of Montreal tap primary market; supply thins; Dollar Tree steady

By Cristal Cody

Tupelo, Miss., April 10 – Toyota Motor Credit Corp. and Bank of Montreal tapped the high-grade primary market on Tuesday.

Toyota Motor Credit sold $2.25 billion of medium-term notes in three tranches.

Bank of Montreal brought a $2.25 two-part offering of three-year senior medium-term notes.

Deal volume is expected to stay light over the week as earnings season gets underway. Syndicate sources forecast about $10 billion to as much as $17 billion of supply.

On Friday, Citigroup Inc., Wells Fargo & Co. and JPMorgan Chase & Co. release first quarter profit results.

Volume week to date totals more than $6.5 billion.

Coming up, new issues are expected to follow roadshows being held by Syngenta AG and Ausgrid Finance Pty Ltd.

Syngenta (Ba2/BBB-/BBB) started its roadshow on Monday for a benchmark-sized dollar-denominated multi-tranche senior note offering and a euro-denominated fixed-rate senior note issue.

Ausgrid Finance kicked off a roadshow on Friday for a benchmark-sized note offering of five-year and/or 10-year senior notes.

The Markit CDX North American Investment Grade 30 index firmed more than 1 basis point to close at a spread of 63 bps.

In the secondary market, Dollar Tree Inc.’s senior notes (Baa3/BBB-/) priced on Thursday were flat on the day but remain tighter than issuance.

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