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Foreign financials join Magna International in primary; Magna tightens; spreads ease
By Aleesia Forni and Cristal Cody
Virginia Beach, June 11 – The high-grade market’s pace slowed on Wednesday, with $6.55 billion of new issuance pricing during the session.
Despite a slightly weaker tone to the day’s market, a handful of new issuers made their way to the primary.
Credit Suisse AG priced a $2.5 billion offering of perpetual bonds during the session, while Magna International Inc. sold an upsized $750 million issue.
There were also new issues priced by European Investment Bank and NRW.Bank.
All four of the new deals sold in line with price talk.
Even with the quieter primary on Wednesday, the high-grade market has seen more than $25 billion of supply, beating earlier estimates of a $20 billion to $25 billion week.
Investment-grade paper traded slightly wider on the day, and spreads ended softer, according to market sources.
The Markit CDX North American Investment Grade series 22 index eased 2 basis points to a spread of 59 bps on Wednesday.
Trading volume was just under $9 billion as the session closed, a trader said.
Magna’s 3.625% notes due 2024 tightened 5 bps on the offered side in aftermarket trading.
No markets were seen late afternoon in Indianapolis Power’s 4.5% bonds due 2044, according to a trader.
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