EDC, CBRE do deals ahead of jobs report; Apple, Oracle long bonds firm; Microsoft flat

By Aleesia Forni and Cristal Cody

Virginia Beach, Aug. 6 – Export Development Canada, CBRE Services Inc. and Airgas Inc. priced new upsized investment-grade bond offerings on Thursday ahead of the jobs report at week’s end.

EDC sold $1 billion of four-year floaters in line with talk, while CBRE upsized its $600 million new issue from original size thoughts of $350 million, ultimately pricing at the tight end of guidance.

Airgas sold its $400 million new issue around 14.5 basis points inside the mid-point of initial price whispers.

Also during the session, Public Service Co. of New Mexico entered the primary to price $250 million of notes due 2025.

Long bonds from Apple Inc. and Oracle Corp. improved over the day, while the short-dated tranches widened in secondary trading.

Apple’s bonds (Aa1/AA+/) traded 6 bps weaker on the short end and 4 bps tighter on the long end.

Oracle’s senior notes (A1/AA-/A+) traded 4 bps weaker to 3 bps better in the secondary market.

Microsoft Corp.’s 2.7% notes due 2025 headed out flat.

The Markit CDX North American Investment Grade index widened more than 2 bps on Thursday to a spread of 74 bps.

Investment-grade bank and brokerage CDS prices were higher on Thursday, according to a market source.

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