Pershing Square, Sterling Bancorp, Kommunalbanken, Inter-American Bank price

By Cristal Cody

Tupelo, Miss., Oct. 28 – The high-grade bond market continued to see supply over Wednesday’s session despite pressure in the financial markets on the growing Covid-19 caseload.

Pershing Square Holdings, Ltd. (/BBB+/BBB) sold $500 million of 3.25% 10-year senior notes, tighter than talk in the 3.5% area.

Sterling Bancorp priced $225 million of 10-year fixed-to-floating-rate subordinated notes (Kroll: BBB) in an offering upsized from $200 million at the launch.

In sovereign, supranational and agency issuance over Wednesday’s session, Kommunalbanken Norway (Aaa/AAA/) sold $750 million of two-year notes in a deal upsized from $500 million.

The Inter-American Development Bank (Aaa/AAA/) also priced $500 million of floating-rate global notes due Feb. 4, 2025 on Wednesday.

About $10 billion of investment-grade issues have priced week to date.

The high-grade market saw heavier supply on Tuesday with more than $8 billion of corporate and SSA volume following one preferred stock deal on Monday.

About $15 billion of investment-grade issuance is anticipated this week, according to syndicate sources.

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