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UBS, HSBC, Credit Suisse issue bonds; Microsoft tightens; telecom bonds mostly weak
By Aleesia Forni and Cristal Cody
Virginia Beach, March 23 – UBS AG, Stamford Branch, HSBC Holdings plc and Credit Suisse Group AG priced bonds on Monday to kick off the week for the investment-grade bond market.
UBS priced $4.85 billion of bonds in four tranches, and HSBC Holdings sold $2.25 billion of subordinated contingent convertible perpetual tier 1 securities, garnering around $16 billion of orders.
Credit Suisse attracted an order book that was more than 2.5 times oversubscribed for its new $4 billion offering of senior holdco notes.
Southwestern Electric Power Co., Potash Corp. of Saskatchewan Inc. and Kimco Realty Corp. were also in the day’s primary with new bond offerings.
VeriSign Inc. joined the forward calendar, announcing price talk for a planned $400 million split-rated offering of 10-year senior notes.
In total, $12.35 billion of new issuance hit the primary market during the session.
Sources are calling for around $25 billion to $30 billion of supply for the week.
Bonds in the investment-grade market were mixed during the session, sources said.
Microsoft Corp.’s 2.7% notes due 2025 tightened 5 basis points in secondary trading.
Apple Inc.’s 2.5% notes due 2025 traded 2 bps softer.
Verizon Communications Inc.’s bonds (Baa1/BBB+/A-) were 1 bp better to 3 bps weaker in the secondary market.
AT&T Inc.’s 3.9% notes due 2024 eased 6 bps over the day.
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