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Fannie Mae, AutoZone, International Finance price; Citigroup, MUFG ease; BB&T flat
By Cristal Cody
Tupelo, Miss., April 6 – Several high-grade issuers tapped the primary market on Thursday.
Fannie Mae priced a $2 billion offering of five-year benchmark notes.
New York Life Global Funding priced $800 million of three-year fixed- and floating-rate notes.
AutoZone, Inc. sold $600 million of 10-year senior notes on Thursday.
National Rural Utilities Cooperative Finance Corp. brought $350 million of two-year medium-term senior floating-rate notes to the primary market.
Also, International Finance Corp. priced a $250 million add-on to its floating-rate notes due Dec. 15, 2021.
High-grade deal action is expected to slow ahead of the upcoming Easter holiday, sources report.
Looking at supply later in April, Australian financial services company Suncorp-Metway Ltd. plans to hold a roadshow for a dollar offering.
The Markit CDX North American Investment Grade index firmed about 1 basis point to close at a spread of 65 bps.
Bank and financial paper traded mostly flat to about 2 bps to 3 bps wider on the day.
Citigroup, Inc.’s 4.75% subordinated notes due May 18, 2046 eased 3 bps.
Mitsubishi UFJ Financial Group, Inc.’s 3.677% senior notes due Feb. 22, 2027 softened 3 bps.
BB&T Corp.’s 2.75% senior medium-term notes due April 1, 2022 were flat.
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