Royal Bank of Scotland, Swedish Export Credit price; Ontario, Kommuninvest eye deals

By Cristal Cody

Tupelo, Miss., May 10 – Strong investment-grade bond issuance continued on Wednesday with issuers pricing more than $8 billion of bonds during the session.

Royal Bank of Scotland Group plc sold $3 billion of six-year fixed-rate/floating-rate and floating-rate notes.

Swedish Export Credit Corp. brought $1.5 billion of three-year global notes to the primary market.

Export Development Canada placed $1.25 billion of five-year notes.

The Council of Europe Development Bank sold $1 billion of two-year senior global notes.

In other corporate issuance, State Street Corp. priced $750 million of six-year fixed-to-floating rate notes.

Nstar Electric Co., doing business as Eversource Energy, sold $350 million of 10-year debentures.

Also, Select Income REIT priced an upsized $350 million offering of seven-year senior notes.

Looking ahead to primary action on Thursday, the Province of Ontario is expected to price an offering of five-year global notes.

Also ahead later in May, Kommuninvest I Sverige AB is preparing for a round of global investor calls for a dollar-denominated bond offering.

The Markit CDX North American Investment Grade index ended the day about 1 basis point tighter at a spread of 61.7 bps.

In its deal, Swedish Export Credit (Aa1/AA+) priced a $1.5 billion offering of 1.75% three-year global notes on Wednesday at 99.741 to yield 1.839%, according to an FWP filing with the SEC.

Citigroup Global Markets Inc., Mizuho International plc, Royal Bank of Scotland plc and Toronto-Dominion Bank were the lead managers.

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