BB&T sells floaters; after-holiday supply forecast; Yara notes ease; Vodafone still tight

By Cristal Cody

Tupelo, Miss., May 25 – BB&T Corp. brought a $250 million offering of three-year floating-rate notes to the primary market on Friday in an otherwise thinly staffed session.

The deal pushes week to date investment-grade volume up to more than $22 billion.

Market sources had expected about $25 billion of supply for the holiday-shortened week.

Supply following the holiday is predicted at about $20 billion, according to syndicate sources.

Hyundai Capital America (Baa1/A-/) is scheduled to hold a roadshow in the United States, Europe and Asia markets for a Rule 144A and Regulation S dollar-denominated note offering.

Elsewhere in the secondary market, new issues priced this week were mixed, sources report.

Yara International ASA’s $1 billion of 4.75% senior notes due June 1, 2028 that priced in the previous session eased to 181.5 basis points bid, 178 bps offered, a source said.

Vodafone Group plc’s $11.5 billion six-tranche offering of senior notes priced Wednesday remained better than issuance in secondary trading on Friday, according to market sources.

The company’s $3 billion of 4.375% notes due May 30, 2028 were quoted at 149 bps bid, 146 bps offered before the session closed.

The $3 billion tranche of 5.25% notes due May 30, 2048 traded at 210 bps bid, 206 bps offered on Friday.

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