Bank of America, Toyota, Intel, AvalonBay price notes; Carrier, Otis in deal pipeline

By Cristal Cody

Tupelo, Miss., Feb. 10 – Investment-grade issuers priced more than $10 billion of notes on Monday, led by Bank of America Corp.’s $5 billion two-part offering of fixed-to-floating-rate senior notes.

Toyota Motor Credit Corp. came by with a $2.5 billion three-tranche offering of medium-term notes.

Intel Corp. priced a $2.25 billion three-part offering of new and reopened senior notes during the session.

Also, AvalonBay Communities, Inc. priced an upsized $700 million of 10-year medium-term notes.

Strong deal volume is expected this week with about $25 billion to as much as $35 billion of supply forecasted, syndicate sources said.

Last week, more than $21 billion of corporate bonds and more than $11 billion of sovereign, supranational and agency notes priced.

A strong boost to the deal total is expected from Carrier Global Corp. and Otis Worldwide Corp. with fixed income investor calls scheduled this week for possible bond offerings totaling more than $14 billion.

The Markit CDX North American Investment Grade 33 index was modestly tighter on the day at a spread of 45.1 basis points.

© 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.