KfW prices $4 billion notes; Ontario sells $2.5 billion; TransCanada brings $400 million

By Devika Patel

Knoxville, Tenn., Oct. 10 – Primary activity in the investment-grade bond market picked up on Wednesday with three new deals pricing and two more announced.

Frankfurt-based government-backed bank KfW launched and priced $4 billion of 3.125% global notes due Dec. 15, 2021.

Canada’s Province of Ontario priced $2.5 billion of 3.4% five-year bonds.

Calgary, Alta., natural gas and oil pipeline and storage company TransCanada PipeLines Ltd. sold a $400 million add-on to its 4.25% senior notes due May 15, 2028.

Meanwhile, Tokyo-based banking and financial company Sumitomo Mitsui Financial Group Inc. said it will conduct a two-tranche offering of dollar-denominated senior notes.

In its deal, KfW priced $4 billion of 3.125% global notes Dec. 15, 2021 on Wednesday at 99.898.

The notes will be guaranteed by the Federal Republic of Germany.

Meanwhile, Ontario sold $2.5 billion of 3.4% five-year bonds (Aa2/A+/AA-/AA low) on Wednesday at 99.845 to yield 3.434%.

The bonds priced with a spread of mid-swaps plus 25 basis points.

TransCanada priced a $400 million add-on to its 4.25% senior notes (A3/BBB+/A-) due May 15, 2028.

TransCanada priced the new notes at 98.533 to yield 4.439%, or 120 bps over Treasuries.

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