TD Bank, PNC, NAB issue bonds; Senior Housing pulls deal; PepsiCo notes tight; CVS firms

By Aleesia Forni and Cristal Cody

Virginia Beach, July 16 – Financial names Toronto-Dominion Bank, PNC Bank NA and National Australia Bank were in Thursday’s primary with multi-tranche bond offerings.

Also on Thursday, Senior Housing Properties Trust pulled plans for a $300 million 10-year new issue.

In other primary happenings, Toronto-Dominion Bank sold $2 billion of three-year notes in two parts around 10 basis points tight of initial price thoughts.

PNC Bank, meanwhile, sold a $1.5 billion issue of bank notes in tranches due 2018 and 2020, and NAB priced $2.5 billion of bonds.

Penske Truck Leasing Co. LP upsized its five-year offering to $650 million from $500 million.

The investment-grade bond market has been flooded with issuance this week amid broader market volatility, with more than $49.5 billion of paper pricing.

The figure is roughly double what sources had predicted to be around a $25 billion week.

Investment-grade bonds traded mostly better, while credit spreads improved on Thursday.

The Markit CDX North American Investment Grade series 23 index firmed 2 basis points to a spread of 65 bps.

PepsiCo Inc.’s senior notes (A1/A/A) were quoted more than 5 bps better in the secondary market.

CVS Health Corp.’s senior notes (Baa1/BBB+) traded 1 bp to 4 bps better.

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