Japan International Agency prices $500 million; Kaiser Permanent offers bonds; AT&T softens

By Cristal Cody

Tupelo, Miss., April 20 – Japan International Cooperation Agency tapped the primary market on Thursday with a $500 million offering of 10-year guaranteed senior bonds as the sole high-grade issuer for the day.

Deal action is expected to remain quiet on Friday before supply picks back up in the upcoming week with few issuers wanting to carry risk over the weekend during the first round of the French presidential election, according to market sources.

Looking ahead to the upcoming week, Kaiser Permanente is in the deal pipeline with a three-part offering of bonds.

The deal includes notes due May 1, 2022, May 1, 2027 and May 1, 2047.

One of the tranches is expected to be a green bond.

The Markit CDX North American Investment Grade index tightened more than 1 basis point on Thursday to close at a spread of 68 bps.

In the secondary market, AT&T Inc.’s 4.25% notes due March 1, 2027 lost ground on Thursday and eased about 4 bps.

The notes traded to 174 bps bid, according to a market source.

Verizon Communications Inc.’s 4.125% notes due March 16, 2027 firmed about 1 bp.

The notes traded at 154 bps bid, a source said.

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