FHLB, MasterCard, HSBC, American Honda Finance, HollyFrontier price; credit spreads ease

By Cristal Cody

Eureka Springs, Ark., Nov. 16 – Investment-grade issuance remained strong on Wednesday and included deals from the Federal Home Loan Bank System, Australia & New Zealand Banking Group, MasterCard Inc., HSBC Holdings plc, American Honda Finance Corp. and HollyFrontier Corp.

The Federal Home Loan Bank System sold $3.5 billion of three-year Global Notes.

Australia & New Zealand Banking Group tapped the primary market with a $3 billion four-tranche sale of fixed- and floating-rate notes.

MasterCard priced $2 billion of notes in three tranches.

HSBC Holdings came with $1.5 billion of 10-year subordinated notes.

American Honda Finance brought $1.2 billion of two-year notes in fixed- and floating-rate tranches.

HollyFrontier reopened its 10-year notes originally priced in March 2016 to raise $750 million on Wednesday.

The Markit CDX North American Investment Grade index softened about 1 basis point over the day to close at a spread of 75 bps.

Westpac Banking Corp.’s new 4.322% fixed-to-floating rate subordinated notes due Nov. 23, 2031 traded about 6 bps better at 204 bps offered in secondary trading earlier on Wednesday.

Goldman Sachs Group Inc.’s 3.5% notes due 2026 were quoted flat earlier in the session at 136 bps offered, according to a market source.

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