Harley-Davidson, Kommuninvest price; New Brunswick offers notes; new issues hold tight

By Cristal Cody

Tupelo, Miss., May 16 – Investment-grade supply slowed on Wednesday following more than $25 billion of volume over the first two sessions of the week.

Harley-Davidson Financial Services, Inc. tapped the primary market with $800 million of senior medium-term notes in two tranches.

Kommuninvest I Sverige AB priced $1 billion of short three-year notes tighter than initial guidance.

Coming up on Thursday, the Province of New Brunswick is expected to bring a dollar-denominated 10-year issue to the primary market.

In other activity, the Bank of N.T. Butterfield & Son Ltd. is marketing 10-year fixed-to-floating-rate subordinated notes.

Also, Vodafone Group plc started a roadshow for a dollar-denominated multiple-tranche offering of notes on Wednesday.

Other issuers conducting roadshows or fixed-income investor calls this week include Eni SpA, ASB Bank Ltd. and Air Lease Corp.

In the secondary market, General Dynamics Corp.’s senior notes (A2/A+/A) were mostly flat but remain better than issuance in secondary trading.

Barclays plc’s 4.972% fixed-to-floating rate notes due May 15, 2029 were unchanged on the day but have tightened about 2 bps from where the notes priced in the previous week.

The $8 billion of notes priced in six tranches on Monday to fund the merger with Keurig Green Mountain Inc. and Dr Pepper Snapple Group, Inc. have tightened about 4 bps to 7 bps from issuance in the secondary market, a source said.

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