Financials dominate as BNY, Huntington National price; Apple firms; Verizon, AT&T steady

By Aleesia Forni and Cristal Cody

Virginia Beach, Feb. 19 – Financial issuers dominated the primary market on Thursday, with Bank of New York Mellon Corp., Huntington National Bank and World Bank pricing deals.

Bank of New York Mellon sold $2 billion of notes, while Huntington National Bank priced $1 billion of bank notes.

International Bank for Reconstruction and Development (World Bank) upsized its global green bond by $100 million, ultimately pricing a $600 million 10-year offering.

In other new issue activity, Kemper Corp. sold $250 million of senior notes.

So far, the high-grade bond market has hosted around $14.1 billion of new issuance this week, falling short of what was predicted to be $20 billion of supply. A quiet Friday is expected to close out the Presidents’ Day holiday-shortened week, but the week ahead could see a “significant” amount of new issuance, a market source said.

Investment-grade bonds were little changed on the day but mostly better from a week ago, market sources said.

The Markit CDX North American Investment Grade index was flat at a spread of 64 basis points.

Apple Inc.’s 2.5% senior notes due 2025 traded on Thursday 5 bps tighter from the previous week.

Verizon Communications Inc.’s bonds were flat to modestly tighter over the session but about 6 bps stronger from a week ago.

AT&T Inc.’s 4.8% bonds due 2044 traded mostly unchanged in the secondary market.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.