Sumitomo Mitsui prices $2 billion; Nordic Investment sells notes; Charter, Bayer strong

By Cristal Cody

Tupelo, Miss., July 12 – High-grade deal volume increased on Thursday with new issuance in both the corporate and SSA primary markets.

Sumitomo Mitsui Financial Group Inc. priced $2 billion of senior notes in three tranches.

Toronto-Dominion Bank came with $2 billion of senior medium-term notes in two tranches.

Nordic Investment Bank also tapped the high-grade primary market on Thursday with a $1 billion offering of five-year global notes.

Supply week to date totals more than $10 billion. Syndicate sources had expected about $15 billion to $20 billion of volume for the week.

The Markit CDX North American Investment Grade 30 index was about 1 basis point tighter on the day at a spread of 62 bps.

In the secondary market, Charter Communications, Inc.’s senior secured notes (Ba1/BBB-/BBB-) have tightened over the week, though the notes were flat on Thursday.

Bayer AG’s notes priced as part of a $15 billion deal in June were mixed but are trading better than issuance.

Meanwhile, daily inflows to high-grade bond funds and domestic investments have improved as the third quarter gets underway in July, according to a BofA Merrill Lynch note released on Thursday.

On Wednesday, dealers sold more than $1.6 billion of investment-grade bonds, the note said.

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