Capital One prices $3 billion notes; deal action thin; Bank of New Zealand eyes roadshow

By Cristal Cody

Tupelo, Miss., Jan. 25 – Capital One Financial Corp. brought a $3 billion three-part offering of senior notes to the primary market on Thursday as the sole reported corporate issuer.

Corporate issuers have priced just under $8 billion of bonds over the week, missing market forecasts of about $20 billion to $25 billion of expected supply.

In other new issuance, Canadian issuers tapped the primary market on Thursday.

The Province of Ontario priced a C$1 billion offering of SEC-registered bonds.

Also, Dollarama Inc. sold C$300 million of three-year floating-rate senior notes.

Deal action is expected to pick back up in the U.S. high-grade market after the bulk of companies exit earnings blackout periods, a source said.

Looking to February’s pipeline, the Bank of New Zealand plans to hold a roadshow for a new debt offering.

Elsewhere on Thursday, the three-month Libor yield hit 1.76%, the highest yield since 2008, a source said.

The Markit CDX North American Investment Grade 29 index was mostly unchanged on the day at a spread of 46 basis points.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.