Danske, Nederlandse Waterschapsbank price; Fannie Mae offers notes; Bristol-Myers steady

By Cristal Cody

Tupelo, Miss., Feb. 23 – Danske Bank A/S priced $1.75 billion of dollar notes in three parts on Thursday as the lone reported corporate issuer.

Nederlandse Waterschapsbank NV tapped the U.S. dollar market with a $1 billion offering of five-year dollar-denominated notes.

In other activity, Fannie Mae announced plans to price an offering of three-year benchmark notes via bookrunners Barclays, Goldman Sachs & Co. and J.P. Morgan Securities LLC.

Also, the Province of Quebec released details of plans to price a Canadian-dollar offering of series QR global notes for green projects. HSBC Securities (Canada) Inc., RBC Dominion Securities Inc. and TD Securities Inc. are the bookrunners.

The Markit CDX North American Investment Grade index closed about 1 basis point tighter at a spread of 62 bps.

Bristol-Myers Squibb Co.’s $1.5 billion senior notes (A2/A+/) priced in two tranches in the previous session traded modestly better than issuance in the secondary market.

Danske sells three tranches

Danske Bank priced $1.75 billion of dollar notes (A2/A/A) in three parts on Thursday, a market source said.

The company placed $400 million of three-year floating-rate notes at Libor plus 51 bps.

Danske Bank sold $600 million of 2.2% three-year fixed-rate notes at a spread of Treasuries plus 80 bps.

The $750 million tranche of 2.7% five-year notes priced at a spread of 87 bps over Treasuries.

BofA Merrill Lynch, BNP Paribas Securities Corp., Danske Markets Inc., Goldman, Sachs & Co., J.P. Morgan Securities LLC and UBS Securities LLC were the lead managers.

Danske Bank is a Copenhagen, Denmark-based bank.

NWB prices $1 billion

Nederlandse Waterschapsbank (Aaa/AAA/) priced $1 billion of 2.25% five-year dollar-denominated notes on Thursday at a spread of 49.75 bps over Treasuries, according to a market source.

The notes due March 2, 2022 were talked to price in the mid-swaps plus 39 bps area.

BofA Merrill Lynch, BMO Capital Markets Corp., HSBC Securities (USA) Inc. and Scotia Capital (USA) Inc. were the bookrunners for the Rule 144A and Regulation S offering.

The local government funding agency is based in The Hague, the Netherlands.

Bristol-Myers mostly flat

Bristol-Myers Squibb’s 1.6% notes due Feb. 27, 2019 edged up to 100.06 over the day from 100.05 in early secondary trading, according to a market source.

The company sold $750 million of the two-year notes on Wednesday at 99.92 to yield 1.641% and a spread of 43 bps over Treasuries.

Bristol-Myers’ 3.25% notes due Feb. 27, 2027 headed out at 99.92, down slightly from where the notes were seen at 99.98 early Thursday.

The 10-year notes priced in a $750 million tranche on Wednesday at 99.392 to yield 3.322%, or a Treasuries plus 90 bps spread.

Bristol-Myers Squibb is a New York City-based biopharmaceutical company.

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