GM Financial, Toyota Motor Credit, KfW price bonds; IFC on deck; AIG, CBS firm in secondary

By Aleesia Forni

Virginia Beach, July 8 – Two auto financials braved volatile market conditions to bring new deals to the investment-grade primary market on Wednesday.

General Motors Financial Co. Inc. sold a $2.3 billion offering of notes in two parts at the tight end of talk after scrapping plans for a five-year floating-rate tranche.

Meantime, Toyota Motor Credit Corp. sold $2.25 billion of notes in three tranches due 2018 and 2022, attracting an order book that was more than 2.5 times oversubscribed.

The session also hosted Germany’s KfW, which sold $6 billion of global notes due 2018.

International Finance Corp. joined the forward calendar on Wednesday, announcing talk for a planned benchmark five-year bond.

Spreads in the secondary market were again wider overall on the day.

The Markit CDX North American Investment Grade series 23 index eased 2 basis points to 73 bps during the session.

Recently priced deals from American International Group Inc. and CBS Corp. were trading 1 bp to 4 bps tighter in the secondary market.

Investment-grade bank and brokerage CDS prices were higher on Wednesday, according to a market source.

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