Fannie Mae, Pfizer sell notes; Bristol-Myers steady; Mizuho, Parker-Hannifin tighten

By Cristal Cody

Tupelo, Miss., Feb. 24 – Friday’s session saw a handful of high-grade bonds price.

Fannie Mae brought a $3 billion offering of three-year notes to market.

Pfizer Inc. sold $1,065,000,000 of 30-year notes.

Also, the Province of Quebec priced a C$500 million SEC-registered offering of five-year green bonds.

Including Friday’s volume, more than $15 billion of investment-grade bonds priced over the short market week, coming in on the low end of expectations of about $25 billion of supply.

About $20 billion to $25 billion of new issuance is expected in the week ahead, a source said.

The Markit CDX North American Investment Grade index closed the day modestly softer at a spread of 63 basis points.

In the secondary market, Pfizer’s existing bonds traded about 2 bps to 4 bps better on the day.

Bristol-Myers Squibb Co.’s $1.5 billion of senior notes (A2/A+/) priced in two tranches on Wednesday traded about 1 bp better than issuance on the bid side.

Mizuho Financial Group, Inc.’s $3.25 billion three-part offering of senior fixed- and floating-rate notes (A1/A-/) sold on Wednesday traded about 1.5 bps to 3 bps tighter in the secondary market.

Parker-Hannifin Corp.’s $1.3 billion of senior notes (Baa1/A/A-) priced in two tranches on Tuesday tightened 3 bps in the secondary market.

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