GM, Noble Energy, Sweden keep primary pace; Verizon improves; Bank of America mostly flat

By Aleesia Forni and Cristal Cody

Virginia Beach, Nov. 4 – The investment-grade market’s momentum continued Tuesday, with General Motors Co., Noble Energy Inc., Sweden and Aflac Inc. bringing new bond offerings to the primary.

Sweden sold $3 billion of three-year notes, while General Motors priced a $2.5 billion crossover issue of senior notes.

Noble Energy sold $1.5 billion of notes, and Aflac priced $750 million of 10-year notes.

Canadian National Railway Co. priced $600 million of senior notes, while Owens Corning priced an upsized $400 million issue of 10-year senior notes.

National Rural Utilities Cooperative Finance Corp., Public Service Electric & Gas Co. and Southern California Edison Co. also sold bonds.

Tuesday’s primary also saw a trio of issuers – Council of Europe Development Bank, Bank Nederlandse Gemeenten NV and Fannie Mae – join this week’s forward calendar.

The $9.4 billion of paper brought to the primary Tuesday brings the week’s total supply to over $20 billion.

In the secondary market, Verizon Communications Inc.’s 4.15% notes due 2024 traded about 4 basis points better, a source said.

Wal-Mart Stores Inc.'s 3.3% notes due 2024 have eased 3 bps over the past two sessions, according to a market source.

Bank of America Corp.’s 4% notes due 2024 traded flat to 1 bp weaker, a market source said.

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