Canadian Pacific sells notes; Select Income on deck; Apple, Verizon improve; spreads wider

By Aleesia Forni and Cristal Cody

Virginia Beach, Jan. 28 – Canadian Pacific Railway Co. came to market on Wednesday in the day’s sole new issue, as the market focused on the Federal Reserve’s statement following the conclusion of its two-day policy meeting.

The deal was upsized to $700 million and sold around 17 basis points tight of guidance.

In forward calendar news, Select Income REIT set price talk for a planned three-part offering of senior notes.

The deal is slated to price during what is predicted to be a busy Thursday session for the high-grade primary.

So far, the market has hosted around $9.3 billion of new issuance this week.

Investment-grade bonds headed out mixed, while credit spreads leaked wider for a second session, according to sources.

The Markit CDX North American Investment Grade index eased 1 bp to a spread of 68 bps.

Apple Inc.’s notes (Aa1/AA+/) traded flat to 5 bps better on the day.

Verizon Communications Inc.’s 2.55% notes due 2019 tightened 3 bps.

Goldman Sachs Group Inc.’s 3.85% notes due 2024 headed out unchanged.

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