Mastercard, DNB price notes; Experian in deal pipeline; Westpac firms

By Cristal Cody

Tupelo, Miss., Nov. 25 – New high-grade supply on Monday included a $750 million offering of long five-year senior notes that Mastercard Inc. priced on the tight side of guidance.

Also on Monday, DNB Bank ASA sold $3 billion of three-year senior notes in fixed- and floating-rate tranches.

The Federal Home Loan Bank System announced at the start of the day that it would forgo pricing a Global note during the session. The next scheduled opportunity for FHLBanks to tap the primary market is on Dec. 2.

Meanwhile, the reverse Yankee bond market has been active in November with several issuers pricing euro notes.

On Monday, Stryker Corp., a Kalamazoo, Mich.-based medical technology company, sold €2.4 billion of notes in three tranches.

In other new supply on Monday, Morguard Corp. priced C$225 million of five-year senior debentures.

Looking ahead, Experian Finance plc is expected to be in the primary market in December with a dollar-denominated Rule 144A and Regulation S offering of 10-year senior notes.

In the secondary market, Westpac Banking Corp.’s new 2.35% senior notes due Feb. 19, 2025 improved about 1 bp after widening last week following money laundering allegations levied against the company.

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