High-grade registered primary market quiets; Telus prices; FS KKR Capital considers bond deal

By Cristal Cody

Tupelo, Miss., June 26 – The dollar-denominated high-grade primary market ended Wednesday without any reported registered issuers after credit spreads softened about 3 basis points in the previous session.

Vancouver, B.C.-based telecommunications company Telus Corp. came with C$800 million of 2.75% seven-year senior notes on Wednesday at a spread of 133 basis points over the interpolated Government of Canada bond curve.

The notes (Baa1/BBB+/DBRS: BBB) priced at 99.873 to yield 2.77%.

The lead managers were BMO Nesbitt Burns Inc., CIBC World Markets Inc. and Scotia Capital Inc.

In other action, some dollar-denominated deals are being marketed.

TCF National Bank launched an offering of 10-year fixed-to-floating-rate subordinated bank notes in the previous session.

Commerzbank AG is planning to hold a roadshow for a $500 million minimum offering of tier 1 capital subordinated bonds.

Coming up on Thursday, FS KKR Capital Corp. is scheduled to hold fixed income investor calls for a possible senior note offering.

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