Toyota Motor Credit prices; Parker-Hannifin plans offering; H.B. Fuller, BP Capital firm

By Cristal Cody

Tupelo, Miss., Feb. 10 – Toyota Motor Credit Corp. came to the investment-grade market on Friday with a $650 million offering of 18-month floating-rate notes, which priced at par to yield Libor plus 23 basis points.

RBC Capital Markets, LLC was the agent on the deal.

Looking to the week ahead, about $20 billion to $25 billion of high-grade issuance is forecast by market participants.

Parker-Hannifin Corp. is expected to price dollar-denominated senior notes and euro-denominated bonds following a roadshow, according to a market source on Friday.

Citigroup Global Markets Inc. and Morgan Stanley & Co. LLC are arrangers of the roadshow, which will start in the U.S. market on Monday for the Rule 144A and Regulation S notes offering and continue the following three days in Europe for the euro issue.

New bonds priced over the week were mixed in secondary trading on Friday.

H.B. Fuller Co.’s 4% senior notes due Feb. 15, 2027, which priced in a $300 million tranche on Thursday, tightened nearly 10 bps on the bid side.

Tennessee Valley Authority’s $1 billion offering of 2.875% global power bonds due Feb. 1, 2027 traded mostly wrapped around issuance.

BP Capital Markets plc’s $3.1 billion offering of notes (A2/A-/A), which priced in four tranches on Wednesday, traded modestly better.

The Markit CDX North American Investment Grade index was little changed on the day at a spread of 65 bps.

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