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Morning Commentary: High-grade market quiet at open; Toyota sells $2 billion of notes
By Devika Patel
Knoxville, Tenn., Jan. 4 – Primary activity in the investment-grade bond market was muted on Friday with no reported deals emerging early in the session.
The market appeared instead to focus on U.S. economic data. The Labor Department reported non-farm payrolls increased 312,000 in December, topping analysts’ expectations. The unemployment rate rose to 3.9% from 3.7% a month earlier.
In the primary market, Toyota Motor Credit Corp., the Torrance, Calif.-based funding arm of auto manufacturer Toyota, reported selling $2 billion of series B medium-term notes (Aa3/AA-) in four parts on Thursday.
A $300 million two-year floating-rate note was sold at par. The interest rate will be equal to Libor plus 54 basis points.
There was also $700 million of 3.05% two-year notes that priced at 99.94 to yield 3.081% with a spread of Treasuries plus 70 bps.
Toyota sold $500 million of 3.35% five-year notes that priced at 99.973 to yield 3.356%, or Treasuries plus 100 bps.
A $500 million 3.65% 10-year note sold at 99.627 to yield 3.695%, or Treasuries plus 115 bps.
BNP Paribas Securities Corp., J.P. Morgan Securities LLC, Lloyds Securities Inc., BofA Merrill Lynch and Morgan Stanley & Co. LLC were the bookrunners.
Separately, Duke Energy Ohio, Inc. reported pricing $800 million of first mortgage bonds (A2/A) in two tranches on Thursday, according to an FWP filing with the SEC.
The company sold $400 million of 3.65% 10-year notes at 99.956 to yield 3.655%, or 110 bps over Treasuries.
Duke Energy Ohio priced $400 million of 4.3% 30-year notes at 140 bps over Treasuries. These notes were priced at 99.812 to yield 4.311%.
Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman Sachs & Co. LLC and U.S. Bancorp Investments Inc. were the bookrunners.
The Charlotte, N.C.-based company generates, transmits, distributes and sells electricity and is a wholly owned subsidiary of Duke Energy Corp.
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