Issuers flood primary market; Wells Fargo, HSBC, ANZ, Grainger price; credit spreads firm

By Cristal Cody

Tupelo, Miss., May 15 – Investment-grade bond issuers kicked the week off in high gear on Monday.

Wells Fargo & Co., HSBC Holdings plc, Australia and New Zealand Banking Group Ltd. and Australia and New Zealand Banking Group Ltd., New York Branch, BPCE SA, Dominion Energy, Inc., Manufacturers & Traders Trust Co., Travelers Cos., Inc., International Flavors & Fragrances Inc., W.W. Grainger, Inc., Gulf Power Co. and Potomac Electric Power Co. all tapped the primary market.

Syndicate sources expect as much as $40 billion of deal volume over the week.

Coming up on Tuesday, Kommuninvest I Sverige AB (Aaa/AAA/) plans to price a $500 million dollar-denominated offering of four-year green bonds in a Rule 144A and Regulation S deal, according to a market source.

The notes due June 1, 2021 were initially talked to price in the mid-swaps plus low teens basis points area.

Credit Agricole CIB, HSBC and J.P. Morgan are the arrangers.

The Markit CDX North American Investment Grade index tightened about 1 bp over the day to a spread of 62 bps.

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