Japan Bank, Bank of Montreal, International Finance in primary; Anheuser-Busch flat on day

By Cristal Cody

Eureka Springs, Ark., July 13 – Investment-grade issuers priced more than $8 billion of bonds on Wednesday, while details emerged about Teva Pharmaceutical Industries Ltd.’s expected debt offering.

Japan Bank for International Cooperation sold $3 billion of guaranteed senior bonds (A1/A+/) in two parts on Wednesday.

The bank brought $1.5 billion of 1.5% guaranteed bonds due July 21, 2021 at 99.526 to yield 1.599%, or a spread of 54.7 basis points over Treasuries, and $1.5 billion of 1.875% guaranteed bonds due July 21, 2026 at 99.475 to yield 1.933%, or a spread of 46.7 bps plus Treasuries.

Bank of Montreal tapped the market with a $3 billion two-tranche offering of senior medium-term notes.

International Finance Corp. priced $2.5 billion of five-year notes.

Teva Pharmaceutical Industries is expected to price more than $20 billion of notes in different currencies to fund its acquisition of Allergan plc’s generic medicine business.

Investment-grade bonds were mixed in secondary trading.

Anheuser-Busch InBev Finance Inc.’s 3.65% senior notes due 2026 traded flat on the day but have come in more than 10 bps from a week ago.

Australia and New Zealand Banking Group, Ltd.’s 2.3% notes due 2021, which were reopened on Monday, firmed 4 bps to 91 bps offered in secondary trading early in the session, a market source said.

The Markit CDX North American Investment Grade index closed unchanged to modestly softer at a spread of 71 bps.

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