Telefonica, Disney, Scotiabank, Telus, Brixmor price; Chevron mixed; Discovery softens

By Cristal Cody

Tupelo, Miss., March 1 – The tone in the high-grade market stayed strong on Wednesday with more than $9 billion of bonds priced.

Spanish telecommunications company Telefonica Emisiones SAU came to the primary market with $3.5 billion of senior notes in two parts.

Walt Disney Co. sold $2 billion of medium-term notes in four tranches.

Bank of Nova Scotia priced $2 billion of five-year fixed- and floating-rate senior notes.

Air Lease Corp. sold $500 million of 10-year senior notes during the session.

Telus Corp. priced $500 million of long 10-year senior notes.

Mercury General Corp. placed $375 million of 10-year senior notes.

Brixmor Operating Partnership LP sold $400 million of 10-year senior notes.

The day’s volume brings week-to-date issuance to about $35 billion, well above market forecasts of about $20 billion to $25 billion of supply for the entire week.

The Markit CDX North American Investment Grade index tightened 2 basis points on Wednesday to end at a spread of 60 bps.

In the secondary market, Chevron Corp.’s $4 billion seven-part offering of senior notes (Aa2/AA-/) priced on Tuesday were mixed.

Discovery Communications, LLC’s $650 million of senior notes (Baa3/BBB-/BBB-) priced in two parts on Tuesday were softer in secondary trading.

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