Bank of America sells $6 billion notes; World Bank prices $5 billion; new supply strong

By Cristal Cody

Tupelo, Miss., July 18 – Bank of America Corp. tapped the high-grade primary market on Wednesday with a $6 billion three-tranche offering of notes.

Also in the primary market on Wednesday, the International Bank for Reconstruction and Development, or World Bank, sold $5 billion of three-year global notes in its first benchmark offering in 2018.

The new issue had a final order book of $7.3 billion from more than 125 investors in 33 countries.

The Canadian high-grade primary market also was active during the session.

CI Financial Corp. was expected to price five-year senior debentures (/BBB+/DBRS: A) led by bookrunners CIBC World Markets Inc. and National Bank Financial Inc., according to a market source. S&P Global Ratings said in a ratings release that the deal size was expected in the C$250 million to C$400 million range.

Also, TransAlta Corp. indirect subsidiary TransAlta OCP LP launched approximately C$345 million of 4.509% amortizing notes due Aug. 5, 2030 (DBRS: BBB) in a private placement offering on Wednesday, according to a market source and a news release.

More than $27 billion of high-grade bonds have priced week to date, with more than $15 billion of paper brought on Monday.

Syndicate sources expected about $25 billion of deal volume for the week.

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