ConocoPhillips, Stryker price ahead of jobs data; AstraZeneca gains; Procter & Gamble eases

By Aleesia Forni and Cristal Cody

New York, March 3 – ConocoPhillips Co., Stryker Corp. and Xcel Energy Inc. took advantage of supportive conditions to access the investment-grade primary ahead of Friday’s all-important jobs data.

The session’s $9.45 billion of supply pushes the week’s total to a staggering $51 billion.

Even with the deluge of issuance opening the month of March, the market showed no signs of a slowdown, while a number of deals priced during the session saw significant spread tightening from initial price thoughts.

ConocoPhillips brought in pricing on its deal by between 56 basis points to 82 bps on the three tranches of its new issue. Tranches of Stryker’s new deal firmed between 20 basis points to 35 bps.

Financial names Swedish Export Credit Corp. and KeyBank NA, Cleveland also sold bonds on Thursday.

Investment-grade credit spreads continued to improve over the day. The Markit CDX North American Investment Grade index ended 3 bps tighter at a spread of 98 bps.

In the secondary market, high-grade bonds were mixed.

AstraZeneca plc’s 3.375% senior notes due 2025 tightened 7 bps on Thursday following the company’s announcement of federal approval for expansion of its breast cancer drug in the U.S. market.

Procter & Gamble Co.’s 2.7% notes due 2026 traded 3 bps weaker over the day.

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