High-grade supply strong; American Express, Chevron, KfW, Royal Bank of Canada sell notes

By Cristal Cody

Tupelo, Miss., Feb. 28 – High-grade issuers flooded the primary market for a second straight session with more than $15 billion of bonds priced over the session.

American Express Credit Corp. sold $4.5 billion of notes in four tranches during the session.

Chevron Corp. priced $4 billion of notes in seven tranches on Tuesday.

KfW brought $4 billion of three-year global notes to the primary market.

Royal Bank of Canada priced $2.1 billion of three-year fixed- and floating-rate notes.

“RBC was in the dollar market today, so I wouldn’t be surprised if one of the banks decided to issue in Canada,” a syndicate source said.

Additional Canadian banks could tap the Canadian primary market before the week is out, the source said.

Toronto-Dominion Bank releases its first quarter earnings on Thursday.

In other new issuance, Georgia Power Co. priced an upsized $850 million two-part offering of senior notes.

Discovery Communications, LLC raised $650 million in two tranches of senior notes.

The Markit CDX North American Investment Grade index ended mostly unchanged on the day at a spread of 62 bps.

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