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High-grade primary action thins; Protective Life, American Airlines, French bank price
By Cristal Cody
Tupelo, Miss., Sept. 20 – Three reported high-grade issuers tapped the primary market on Wednesday in a mostly quiet session with the focus on the Federal Reserve’s monetary policy statement.
The Federal Reserve left rates unchanged.
In new issuance, Protective Life Global Funding sold $450 million of three-year senior notes in an offering upsized from $300 million.
The 2.161% senior notes were priced at a spread of Treasuries plus 63 bps on Wednesday, a source said. The notes (A2/AA-/) were talked to price in the Treasuries plus 65 bps area.
French bank Banque Federative du Credit Mutuel priced $250 million of 18-month fixed-rate notes. The 1.9% notes due March 28, 2019 (Aa3/A/A+) were sold at par, according to a market source.
American Airlines, Inc. sold $193.44 million of pass-through certificates. The 3.75% series 2016-3B pass-through certificates (Baa3/BBB/) priced at a spread of Treasuries plus 192.4 bps, according to a market source. The certificates tightened from initial price talk in the 3.875% area.
The Markit CDX North American Investment Grade index rolled to a new 29 series on Wednesday. The index softened about 4 basis points to a spread of 59 bps.
The three-month Libor yield was up 1 bp at 1.33% during the session.
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