Deal action strong; Citibank, Citigroup, Teachers Insurance, Pitney Bowes price; Disney mixed

By Cristal Cody

Tupelo, Miss., May 3 – High-grade volume kicked up higher than market sources expected with eight issuers tapping the primary market on Wednesday.

Activity was expected to be light with the Federal Reserve set to end its two-day monetary policy meeting on Wednesday.

Citibank, NA brought $2.25 billion of floating-rate notes to the primary market.

The Teachers Insurance and Annuity Association of America sold $2 billion of 30-year surplus notes.

Pitney Bowes Inc. priced a $400 million offering of five-year notes.

Northern Trust Corp. came with a $350 million offering of 15-year fixed-to-floating rate subordinated notes.

AvalonBay Communities, Inc. sold $400 million of 10-year medium-term notes.

Guardian Life Global Funding placed $400 million of five-year notes on Wednesday.

Citigroup Inc. priced a $250 million reopening of its 4.125% subordinated notes due July 25, 2028.

Also, Kommunalbanken AS priced a $500 million reopening of its senior floating-rate notes due June 16, 2020.

In other activity, Walt Disney Co.’s medium-term notes (A2/A+/A) priced in March were mixed in secondary trading on Wednesday but remain better than issuance. S&P raised Walt Disney’s credit and debt ratings to A+ from A during the session.

The Markit CDX North American Investment Grade index was mostly unchanged on Wednesday at a spread of 63 basis points.

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