Bank of Montreal, Valero Energy, Societe Generale, BNG Bank price; high-grade inflows rise

By Cristal Cody

Tupelo, Miss., March 21 – Bank of Montreal brought $2.25 billion of three-year senior medium-term notes in two tranches to the high-grade primary market on Thursday.

In addition, Societe Generale SA priced $1.5 billion of five-year notes on top of guidance.

Also, Valero Energy Corp. sold $1 billion of 10-year senior notes.

In other supply, BNG Bank NV priced an upsized $300 million reopening of its senior floating-rate notes due March 11, 2022.

Investment-grade issuers have priced more than $18 billion of bonds week to date.

About $20 billion to $25 billion of supply was expected by syndicate sources for the week.

For the week ended March 20, Lipper US Fund Flows reported corporate investment-grade fund inflows rose to $5.14 billion from $3.3 billion in the prior week.

Elsewhere, the Markit CDX North American Investment Grade 32 index was mostly unchanged on Thursday at a spread of 64 basis points.

The Federal Reserve’s decision on Wednesday to keep rates flat for the remainder of the year was a dovish surprise, according to market sources.

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