American Express, HSBC, Markel, Ryder price notes; Japan Bank eyes primary; Fidelity tightens

By Cristal Cody

Tupelo, Miss., May 15 – Deal volume remained strong in the high-grade primary market on Wednesday with supply led by banking and financial issuers.

American Express Co. priced $3 billion of senior notes in three tranches.

HSBC Holdings plc came with $3 billion of 11-year fixed-to-floating-rate senior notes.

Also during the session, Markel Corp. priced $600 million of 30-year senior notes.

Ryder System, Inc. sold $550 million of three-year medium-term notes.

Coming up on Thursday, Japan Bank for International Cooperation plans to price a dollar-denominated offering of five-year guaranteed bonds.

More than $10 billion of corporate bonds priced on Tuesday after issuers stayed out of the primary market on Monday. Deal volume so far this week has been led by Waste Management, Inc.’s $4 billion five-tranche offering of notes priced on Tuesday to help finance an acquisition of Advanced Disposal Services, Inc.

About $25 billion to $35 billion of investment-grade issuance is expected this week by market sources.

Fidelity National Information Services, Inc.’s $1 billion of 3.75% senior notes due May 21, 2029 tightened about 10 basis points in secondary trading after pricing on Tuesday, a market source said.

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