HSBC Bank Canada prices; Kommuninvest eyes deal; Barclays, Marriott ease; Kroger mixed

By Cristal Cody

Tupelo, Miss., Nov. 20 – Corporate investment-grade issuance quieted on Tuesday, with HSBC Bank Canada tapping the market with a $750 million inaugural issuance of mortgage covered bonds.

Stocks remained weak along with investment-grade credit spreads. The Markit CDX North American Investment Grade 31 index eased about 3 basis points to close at a spread of 79 bps.

Kommuninvest I Sverige AB plans to bring a dollar-denominated offering to the market Wednesday.

Otherwise, light activity is expected over the remainder of the Thanksgiving week. The bond markets will be closed on Thursday and will close at 2 p.m. ET on Friday. About $5 billion to $10 billion of investment-grade volume was expected by syndicate sources for the week.

In the secondary market, bank and financial paper traded mostly flat to softer on the day.

Barclays plc’s 4.61% fixed-to-floating rate notes due Feb. 15, 2023 that priced on Nov. 7 softened about 9 bps. Marriott International Inc.’s 4.15% senior notes due Dec. 1, 2028 that priced a week ago widened about 10 bps on Tuesday. Kroger Co.’s senior notes (Baa1/BBB/BBB-) traded flat to about 8 bps wider.

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