SEK sells bonds as low issuance volume continues; GE Capital widens; American Campus firms

By Aleesia Forni and Andrea Heisinger

New York, March 27 - There was a sale on Wednesday from Swedish Export Credit Corp., which could be the last in the high-grade bond market for the week.

The Stockholm-based lender sold $1.3 billion of five-year notes.

Barclays Bank plc announced plans to sell 10-year contingent capital notes. There is no timing yet for the sale, a source said.

Thursday will be "basically a half day" ahead of the Good Friday holiday before Easter, one source said.

The Markit CDX Series 20 North American Investment Grade index widened 2 basis points to a spread of 92 bps on Wednesday.

In secondary market action, one trader saw General Electric Capital Corp.'s deal from earlier in the week widen in trading and American Campus Communities Operating Partnership LP's deal tighten.

SEK does five-year

Swedish Export Credit priced $1.3 billion of 1.125% five-year notes at a spread of mid-swaps plus 28 bps, an informed source said.

The bookrunners were Citigroup Global Markets Inc., Daiwa Securities America Inc., Deutsche Bank Securities Inc. and Morgan Stanley & Co. LLC.

The lender to Sweden's export industry is based in Stockholm.

Barclays plans bonds

Barclays Bank announced plans for a sale of contingent capital notes (/BBB-/BBB-) due April 2023 in 424B2 and FWP filings with the Securities and Exchange Commission.

There is no timing yet for the sale, a source said.

The bonds feature a provision for a capital adequacy triggering event. If such an event occurs, there will be an automatic write-down of notes. The holders' rights to principal and interest will be permanently written off, and the holders will have no further rights again the issuer.

Barclays is the global coordinator, sole structuring adviser and bookrunner. BNP Paribas Securities Corp., BofA Merrill Lynch, Morgan Stanley and Wells Fargo Securities LLC are the joint bookrunners.

Proceeds are being used for general corporate purposes.

The financial services company is based in London.

GE Capital notes widen

A trader saw General Electric Capital's $1 billion of 1.625% five-year notes weaker at 95 bps bid, 93 bps offered during Wednesday's session.

The notes were quoted at 72 bps bid, 69 bps offered on Tuesday following Monday's pricing with a spread of 90 bps over Treasuries.

The sale also included $400 million of five-year floating-rate notes priced at par to yield Libor plus 71 bps.

The funding arm of General Electric Co. is based in Norwalk, Conn.

American Campus tightens

In other trading, American Campus Communities' $400 million 3.75% 10-year notes were quoted 1 bp wider at 178 bps bid, 174 bps offered.

The notes sold at a spread of Treasuries plus 187.5 bps on Monday.

The real estate investment trust for student housing is based in Austin, Texas.

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