High-grade volume thins; Alberta prices $2.5 billion notes; Quebec eyes primary

By Cristal Cody

Tupelo, Miss., July 15 – Light high-grade primary action was seen on Wednesday as a summer lull kicks in.

The Province of Alberta (Aa2/AA/) priced $2 billion of 10-year notes tighter than talk.

The Federal Home Loan Bank System announced it will skip pricing a Global note on Wednesday with the agency’s next funding opportunity scheduled for July 23.

In other action, Royal Bank of Canada marketed Canadian dollar-denominated 60-year non-viability contingent capital rate reset limited recourse capital notes.

Royal Bank of Canada also plans to price C$1,000-par perpetual non-cumulative five-year fixed-rate reset first preferred shares (Baa3/BBB).

Meanwhile, coming up on Thursday, the Province of Quebec (Aa1/AA-/AA-) plans to price a dollar-denominated offering of five-year global notes.

Initial price talk is in the mid-swaps plus 33 basis points area.

Investment-grade supply week to date includes $2.5 billion of sovereign, supranational and agency issuance and $7.25 billion of corporate volume.

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