ING, AXA affiliates, Swedish Export Credit, Quebec price notes; Lowe’s eyes market

By Cristal Cody

Tupelo, Miss., April 2 – Investment-grade corporate, sovereign, supranational and agency issuers were in the primary market on Tuesday.

ING Groep NV priced $2 billion of senior notes in two tranches.

AXA Equitable Holdings Inc. affiliates sold $1 billion of pre-capitalized trust securities in two parts.

Swedish Export Credit Corp. placed $1 billion of two-year global notes.

The Province of Quebec brought $1 billion of five-year global notes during the session.

Meanwhile, Lowe's Cos. Inc. held fixed income investor calls on Tuesday for an upcoming bond offering.

Week to date, high-grade volume totals about $6.5 billion, including $1.5 billion of bonds priced on Monday.

About $20 billion of new supply is expected over the week.

Vinci SA remains in the deal pipeline after holding fixed income investor calls on Monday.

The company (A3/A-) plans to price a debut Rule 144A and Regulation S offering of dollar-denominated notes, a source said.

HSBC Securities (USA) Inc. and Morgan Stanley & Co. LLC are the bookrunners.

The Markit CDX North American Investment Grade 32 index closed about 0.5 basis point softer at a spread of 62 bps.

ING prices $2 billion

ING Groep priced $2 billion of senior notes (Baa1/A-/A+) in two tranches on Tuesday, according to a market source.

The company sold $1 billion of 3.55% five-year notes on top of guidance at a spread of Treasuries plus 130 bps.

A $1 billion tranche of 4.05% 10-year notes priced on the tight side of guidance with a Treasuries plus 158 bps spread.

Citigroup Global Markets Inc., HSBC Securities, ING Financial Markets LLC, J.P. Morgan Securities LLC, RBC Capital Markets, LLC and UBS Securities LLC were the bookrunners.

Proceeds from the offering will be used for general corporate purposes.

The global financial institution is based in Amsterdam.

AXA affiliates print

AXA Equitable Holdings affiliates priced $1 billion of pre-capitalized trust securities (Baa2/BBB+) in two tranches in a Rule 144A transaction on Tuesday, according to a market source.

Pine Street Trust I sold $600 million of 4.572% notes due Feb. 15, 2029 at a spread of 210 bps over Treasuries, tighter than initial talk in the 220 bps area.

Pine Street Trust II priced $400 million of 5.568% securities due Feb. 15, 2049 on top of guidance at a Treasuries plus 270 bps spread.

Citigroup Global Markets, Credit Suisse Securities (USA) LLC and J.P. Morgan Securities were the bookrunners.

AXA Equitable Holdings is a New York-based insurance holding company and subsidiary of Paris-based AXA SA.

Swedish Export sells $1 billion

Swedish Export Credit (Aa1/AA+) sold $1 billion of 2.375% two-year global notes on Tuesday at 99.839 to yield 2.458%, according to a market source and an FWP filing with the Securities and Exchange Commission.

The notes priced at mid-swaps plus 4 bps, or a Treasuries plus 15.6 bps spread. The issue was initially talked to price in the mid-swaps plus 6 bps area.

Bank of Montreal, London Branch, Daiwa Capital Markets Europe Ltd., NatWest Markets plc and Scotiabank Europe plc were the bookrunners.

Swedish Export Credit is a Stockholm-based state-owned financial services company for the Swedish export industry.

Quebec prices $1 billion

Quebec (Aa2/AA-/AA-) priced $1 billion of 2.5% global notes due April 9, 2024 on Tuesday at a spread of mid-swaps plus 23 bps, or Treasuries plus 27.4 bps, according to a market source and an FWP filing with the SEC.

The notes were sold at 99.748 to yield 2.554%.

Initial price talk was in the mid-swaps plus 27 bps area.

CIBC World Markets Inc., J.P. Morgan Securities, National Bank of Canada Financial Inc. and RBC Capital Markets were the bookrunners.

Proceeds will be added to Quebec’s consolidated revenue fund or advanced to its financing fund.

Lowe's considers deal

Lowe's is expected to price new notes (A3/A-) after holding fixed income investor calls on Tuesday, according to market sources.

Barclays, Goldman Sachs & Co. LLC, U.S. Bancorp Investments Inc. and Wells Fargo Securities LLC are the arrangers.

The home improvement company is based in Mooresville, N.C.

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