Primary action slows; Comerica sells notes; SL Green upsizes deal; credit spreads firm

By Cristal Cody

Tupelo, Miss., July 26 – Investment-grade issuance slowed on Thursday while credit spreads tightened more than 2 basis points.

Comerica Inc. priced $850 million of fixed-rate notes and dropped a planned floating-rate tranche.

SL Green Operating Partnership, LP upsized an offering of three-year notes to $350 million from $250 million, a source said.

In other pricing action, International Bank for Reconstruction and Development (Aaa/AAA/) tapped the Canadian dollar-denominated market with a benchmark deal following an offering in the U.S. primary market last week.

World Bank sold C$1 billion of 2.5% sustainable development bonds due Aug. 3, 2023 in the agency’s second Canadian dollar-denominated deal of the year, according to a news release.

Also, earlier in the session, Fannie Mae announced on Thursday that it priced $6 billion of floating-rate notes in three tranches: $2.5 billion of six-month notes, $2 billion of 12-month notes and $1.5 billion of 18-month notes.

Investment-grade issuers have priced more than $20 billion of bonds week to date.

About $20 billion to $25 billion of supply had been predicted by syndicate sources for the week.

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