W.W. Grainger, Scotiabank, Wisconsin Energy price; AT&T, Verizon tighten; Oracle firms

By Aleesia Forni and Cristal Cody

Virginia Beach, June 4 – Bank of Nova Scotia, Wisconsin Energy Corp. and W.W. Grainger Inc. kept the primary market alive on Thursday.

The session hosted $6.55 billion of new investment-grade issuance, bringing the week’s total to more than $23 billion of supply.

W.W. Grainger attracted an order book that was more than 3.5 times oversubscribed for its new $1 billion offering.

Meanwhile, Wisconsin Energy sold a $1.2 billion three-part offering between 20 basis points to 25 bps tight of initial price thoughts.

Bank of Nova Scotia priced both tranches of its $1.35 billion fixed- and floating-rate three-year note on top of guidance.

Also during the session, Fannie Mae issued $3 billion of Benchmark Notes in line with price talk.

Credit spreads continued to widen on Thursday after easing 1 bp in the previous session.

The Markit CDX North American Investment Grade series 23 index closed 1 bp wider at a spread of 66 bps.

In the secondary market, AT&T Inc.’s bonds (/BBB+/A-) tightened 1 bp to 9 bps over the day.

Bonds from Verizon Communications Inc., which announced in May it will acquire AOL Inc. for $4.4 billion, tightened about 1 bp to 8 bps on Thursday.

Oracle Corp.’s senior notes (A1/AA-/A+) traded 3 bps to 5 bps better.

Apple Inc.’s bonds were mostly better, while the company’s tranche of 2.5% notes due 2025 eased 3 bps.

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