Scotiabank prices notes; Patterson-UTI markets notes; Texas Eastern Transmission firms

By Cristal Cody

Tupelo, Miss., Jan. 5 – Bank of Nova Scotia came to the primary market on Friday with $1.5 billion of three-year senior notes in two tranches.

Deal action is expected to be strong in the week ahead with about $25 billion to $30 billion of supply forecasted, according to sources.

Coming up, Patterson-UTI Energy, Inc. intends to hold fixed-income investor calls for a bond offering.

High-grade volume has been steady since the markets opened for the New Year with more than $21 billion of bonds priced over the week.

Inflows to investment-grade bonds increased while flows for stocks turned negative in the first week of 2018, according to a research note from BofA Merrill Lynch analyst Yuri Seliger.

Inflows to high grade rose to $3.24 billion from $500 million, according to the note.

The Markit CDX North American Investment Grade 29 index closed the day less than 0.5 basis point tighter at a spread of 45.5 bps.

New bonds priced during the week traded mostly better in the secondary market.

Berkshire Hathaway Energy Co.’s 2.2 billion of senior notes (A3/A-/BBB+) priced in four tranches on Tuesday traded flat to about 3 bps tighter.

Texas Eastern Transmission, LP’s $800 million of senior notes placed on Thursday in a Rule 144A and Regulation S two-tranche deal tightened about 3 bps to 8 bps in the secondary market.

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