KfW, Priceline, Whirlpool sell bonds; AT&T stable; CVS Health firms; credit spreads soften

By Cristal Cody

Eureka Springs, Ark., May 18 – Investment-grade bond issuance on Wednesday included a $5 billion global note from KfW.

The German government-owned development bank sold $5 billion of 1.5% five-year global notes at 99.767, according to an FWP filing with the Securities and Exchange Commission.

Deutsche Bank Securities Inc., HSBC Securities (USA) Inc. and J.P. Morgan Securities plc were the managers.

Priceline Group Inc. also tapped the primary market with a $1 billion offering of 10-year notes.

The 3.6% notes priced at 99.807 to yield 3.623%.The spread is 180 bps plus Treasuries.

The bookrunners were Goldman Sachs & Co., BofA Merrill Lynch, Wells Fargo Securities LLC, Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and U.S. Bancorp Investments Inc.

Whirlpool Corp. sold $500 million of 4.5% 30-year notes with a spread of 190 basis points over Treasuries on Wednesday.

HSBC Holdings plc also was expected to price a notes deal.

Credit spreads softened over the day after opening mostly flat. The Markit CDX North American Investment Grade index eased 1 bp to end at a spread of 84 bps.

In the secondary market, AT&T Inc.’s 4.125% notes due 2026 reopened earlier in the month were unchanged.

CVS Health Corp.’s $3.5 billion of notes (Baa1/BBB+) priced on Monday traded 2 bps to 3 bps tighter earlier in the day.

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