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Wells Fargo, Steelcase, Mitsui Fudosan price notes; Canada, Dexia Credit eye market
By Cristal Cody
Tupelo, Miss., Jan. 16 – Investment-grade issuers including Wells Fargo & Co., Steelcase Inc. and Mitsui Fudosan Co., Ltd. tapped the primary market on Thursday.
Wells Fargo sold $5.5 billion of medium-term notes in two tranches.
Steelcase priced $450 million of 10-year senior notes.
Mitsui Fudosan raised $300 million in a 10-year note sale.
Week to date, high-grade companies and sovereign, supranational and agency issuers have priced more than $29 billion of bonds, including more than $21 billion of corporate notes.
Coming up in the SSA space on Thursday, Canada plans to price U.S. dollar-denominated three-year global notes.
The deal follows the Province of Alberta’s $1.75 billion of five-year global bonds that priced on Tuesday.
In other primary market action expected on Thursday, Dexia Credit Local SA intends to price a dollar-denominated Rule 144A and Regulation S offering of three-year senior notes.
Strong supply was forecast for the week with market sources estimating $40 billion or more of issuance.
Corporate deal volume so far has been led by Fox Corp.’s $6.8 billion five-part offering of notes priced on Tuesday.
The company’s notes traded about 8 basis points to more than 10 bps tighter in the secondary market, a source said.
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