Primary rush continues with HSBC, Williams, Woodside; Morgan Stanley firms; Apple stable

By Aleesia Forni and Cristal Cody

Virginia Beach, Feb. 26 – The investment-grade bond market’s momentum continued on Thursday, with $11.83 billion of new deals priced during the session.

The primary saw Williams Cos. Inc. issue a $3 billion three-tranche offering of senior notes.

Meanwhile, HSBC USA Inc. priced $3.3 billion of senior notes in three parts.

Woodside Finance Ltd. was in the market with $1 billion of 3.65% 10-year notes.

LyondellBasell Industries NV sold $1 billion of bonds during the session.

There was also a three-part new issue from Caterpillar Financial Services Corp. priced on Thursday. The company sold $875 million of notes in new and re-opened tranches.

The session also saw Xerox Corp. price $650 million of notes in two parts.

Thursday’s activity brings the week’s new issuance tally to a staggering $40,725, 000,000, making it the busiest week for investment-grade supply so far this year.

Bonds traded unchanged to modestly better in the secondary market, sources said.

Morgan Stanley’s 2.65% senior notes due 2020 firmed 2 basis points during the session.

Bank of America Corp.’s 4% notes due 2025 and Wells Fargo & Co.’s 2.15% notes due 2020 traded flat on the day.

Apple Inc.’s 2.5% senior notes due 2025 were unchanged going out.

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

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