Bank of New York Mellon, Manufacturers & Traders price notes; CPPIB, Cades plan deals

By Cristal Cody

Tupelo, Miss., Jan. 22 – High-grade deal action stayed light on Monday with two reported issuers as a government shutdown loomed over financial markets.

The shutdown is expected to be short-lived after the House and Senate passed bills on Monday with the government expected to reopen on Tuesday.

Bank of New York Mellon Corp. tapped the primary market with a $1.75 billion two-part offering of notes.

Also, Manufacturers & Traders Trust Co. came with $1 billion of three-year notes in two tranches.

Deal action for Tuesday was beginning to take shape with at least two issuers planning to price notes.

CPPIB Capital Inc. intends to sell three-year dollar-denominated notes during the session.

Caisse d’Amortissement de la Dette Sociale is expected to bring a benchmark sized offering of three-year notes to the market on Tuesday.

Syndicate sources said they expect smaller bank and financial issuance over the week following heavy supply from the major U.S. banks in the previous week.

About $20 billion to $25 billion of deal volume is expected for the week with some desks predicting as little as $15 billion of total issuance.

The Markit CDX North American Investment Grade 29 index closed the day modestly tighter at a spread of 47 basis points.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.