NAB, Williams, NRW.Bank join Entergy units in primary; Entergy Gulf firms; Williams mixed

By Aleesia Forni and Cristal Cody

Virginia Beach, June 24 – Activity in the high-grade primary remained measured on Tuesday, though the session did see new deals from National Australia Bank and Williams Partners LP.

National Australia’s deal was nearly two times oversubscribed, a source said.

A pair of subsidiaries of Entergy Corp. – Entergy Gulf States Louisiana LLC and Entergy Louisiana LLC – also brought offerings of first mortgage bonds to Tuesday’s primary.

There was also a new issue from NRW.Bank, which priced a $500 million offering of five-year notes.

With around $4 billion of new issuance, Tuesday’s activity brings the week’s total supply to $7.15 billion.

Sources have predicted around $15 billion to $20 billion of new high-grade issuance for the final full week of June.

“Very light calendar this week,” a source said.

Entergy Gulf States Louisiana’s 3.78% first mortgage bonds due 2025 tightened 2 basis points in aftermarket trading, a trader said.

No secondary trading was seen as the session closed in Entergy Louisiana’s mortgage bonds, a trader said.

Williams Partners’ two tranches of notes traded wrapped around issuance to 2 bps wider on the bid side in the secondary market, according to a trader.

After hitting a 52-week low on Monday, the Markit CDX North American Investment Grade series 22 index eased 1 bp to a spread of 57 bps on Tuesday, a source said.

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