ING, NWB, Toyota Motor, Alabama Power price; bank, financial paper mostly better

By Aleesia Forni and Cristal Cody

Virginia Beach, April 9 – The steady stream of issuers entering the primary continued on Thursday, with ING Group, Nederlandse Waterschapsbank NV, Toyota Motor Credit Corp. and Alabama Power Co. pricing bonds.

ING came to market with a $2.25 billion two-part issue of perpetual tier 1 contingent convertible securities.

Toyota Motor Credit was also in the market with a two-tranche offering, selling $1.9 billion of floaters due 2016.

NWB Bank sold its $1.25 billion seven-year note at the tight end of price guidance.

Both tranches of Alabama Power’s new senior note sale priced between 10 basis points to 15 bps tight of initial guidance.

Despite the primary’s slowdown following March’s onslaught of new issuance, sources note that underlying market conditions remain constructive.

The pace of issuance is predicted to resume once corporates have exited their earnings blackout periods.

Investment-grade bonds were mixed in trading over the day, market sources said.

New bank and financial paper traded mostly better earlier in the day, according to market sources.

Bank of Montreal’s 1.4% medium-term notes due 2018 priced on Tuesday were 3 bps tighter than issuance.

Deutsche Bank AG’s 4.5% subordinated tier 2 notes due 2025 firmed about 1 bp.

General Motors Financial Co., Inc.’s 2.4% senior notes due 2018 brought on Tuesday traded about 1 bp better.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.