NWB, Royal Bank of Canada bring offerings; Broadcom firms; General Motors Financial mixed

By Cristal Cody

Eureka Springs, Ark., Jan. 13 – Nederlandse Waterschapsbank NV priced $1.5 billion of two-year notes in the high-grade bond market on Friday in front of a long U.S. holiday weekend.

Also, Royal Bank of Canada returned to the primary market on Friday to sell $50 million of series G two-year senior global medium-term floating-rate notes following an $850 million offering of the issue on Thursday.

Bank and financial issuers are expected to dominate supply in the week following the Martin Luther King Jr. holiday on Monday, according to a market source.

About $20 billion to $30 billion of total issuance is forecast, a source said.

On Friday, Bank of America Corp., JPMorgan Chase & Co. and Wells Fargo & Co. released fourth-quarter earnings. Citigroup Inc., Goldman Sachs Group Inc. and Morgan Stanley are set to release earnings in the week ahead.

The Markit CDX North American Investment Grade index closed steady at a spread of 66 basis points.

In the secondary market, Broadcom Ltd.’s $13.55 billion four-part offering of senior notes (Baa2/BBB-/BBB-) traded about 5 bps tighter than where they priced on Wednesday.

General Motors Financial Co. Inc.’s $2.5 billion three-tranche offering of senior notes (Ba1/BBB-/BBB-) brought to market mid-week were mixed in secondary trading on Friday.

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