Molex, Sweden’s Stadshypotek price; Verizon, AT&T improve; Apple, Microsoft ease

By Aleesia Forni and Cristal Cody

Virginia Beach, April 1 – Molex Electronic Technologies LLC and Sweden's Stadshypotek AB were in Wednesday’s primary market kicking off the new month on a positive note.

Investors piled into Molex Electronic’s debut $1 billion deal, which attracted an order book of more than $5 billion.

The company was able to pull in pricing on both tranches of its new issue by around 32.5 basis points compared to initial price thoughts.

In its first dollar deal in more than two years, Stadshypotek offered a $1 billion five-year covered bond in line with talk.

The day’s two deals push the week’s total new issuance to $3,925,000,000, far short of what was predicted to be around a $15 billion week.

With a large portion of market participants away from their desks, Thursday is unlikely to see much, if any, primary activity ahead of the Easter holiday.

High-grade credit spreads were flat to modestly tighter, a source said.

The Markit CDX North American Investment Grade series 23 index headed out flat at a spread of 64 bps.

In the secondary market, Verizon Communications Inc.’s 4.15% notes due 2024 traded 4 bps better.

AT&T Inc.’s 3.9% notes due 2024 improved 1 bp over the day.

Apple Inc.’s 2.5% notes due 2025 eased 1 bp in secondary trading.

Microsoft Corp.’s 2.7% notes due 2025 traded 4 bps wider.

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