KfW, Banque Federative, Swedish Export bring deals; Pfizer widens; Newell Rubbermaid firms

By Aleesia Forni and Cristal Cody

New York, April 6 – KfW, Banque Federative du Credit Mutuel, Swedish Export Credit Corp. and Freddie Mac sold bonds on Wednesday as the primary’s pace picked up somewhat following a slower Tuesday session.

The market managed to log more than $13.5 billion of new high-grade issuance.

Strasbourg, France-based Banque Federative du Credit Mutuel issued $1.75 billion of senior notes in two tranches, while KfW brought the day’s largest new issue, $6 billion of two-year notes.

Swedish Export Credit priced $1.5 billion of three-year bonds, and there was a $1.05 billion issue from New York Life Global Funding, though details were unavailable at press time.

New York-based Pfizer Inc.’s 3.4% senior notes due 2024 ended 5 basis points wider on Wednesday after the company dropped plans to acquire Dublin-based Allergan plc in a $160 billion merger within days of the government’s announcement of new corporate tax inversion regulations.

Pfizer has agreed to pay Allergan a $150 million deal termination fee.

In other secondary trading, Newell Rubbermaid Inc.’s 4.2% senior notes due 2026 firmed 1 bp over the day.

Target Corp.’s senior notes (A2/A/A-) traded wrapped around issuance to weaker on Wednesday.

Credit spreads softened at the start of the session but improved by the afternoon to close 1 bp tighter at a spread of 78 bps.

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