Bank of Montreal prices sustainability bond; Finnvera, IBRD sell notes; deal volume thins

By Cristal Cody

Tupelo, Miss., Oct. 16 – Bank of Montreal priced a $500 million inaugural offering of three-year sustainability notes in the high-grade primary market on Wednesday.

In other supply, the International Bank for Reconstruction and Development, or World Bank, sold $2 billion of 10-year global notes on top of talk.

Also, Finnvera plc priced $1 billion of five-year notes tighter than guidance.

Week to date, more than $4 billion of corporate bonds have priced, along with $3 billion of notes in the sovereign, supranational and agency market.

Corporate volume so far this week has been led by Charter Communications, Inc.’s $1.5 billion of split-rated registered senior secured notes due March 1, 2050 and Credit Agricole SA (London Branch)’s $1.5 billion of senior notes due Jan. 22, 2025 that priced Tuesday.

Deal volume is expected to be lighter over the holiday-shortened market week with about $10 billion to $15 billion of high-grade issuance forecasted by market participants.

Bank earnings remain in focus with the potential for financial supply following the releases, market sources report. On Wednesday, Bank of America Corp. released its third quarter earnings report before the financial markets opened. Morgan Stanley is scheduled to release its profit report on Thursday.

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