Nissan, Hospitality Properties, KfW, Dexia, Kommuninvest price; credit spreads soften

By Cristal Cody

Eureka Springs, Ark., Jan. 10 – Two corporate issuers tapped the investment-grade bond market on Tuesday, while four SSA issuers priced new notes, with total issuance topping out at more than $12 billion over the session.

Nissan Motor Acceptance Corp. came with a $2 billion four-tranche notes deal.

The company priced $250 million of three-year floating-rate notes at Libor plus 58 basis points, $750 million of 2.25% three-year fixed-rate notes at 80 bps over Treasuries, $500 million of five-year floating-rate notes at Libor plus 89 bps and $500 million of 2.8% five-year fixed-rate notes at a spread of 93 bps over Treasuries.

BofA Merrill Lynch, Barclays, J.P. Morgan Securities LLC and Societe Generale were the bookrunners.

Hospitality Properties Trust priced $600 million of senior notes, including a reopening of a 2013 issue.

In the SSA market, KfW sold $5 billion of five-year global notes.

Inter-American Development Bank priced $3 billion of five-year global notes.

Dexia Credit Local priced $1.5 billion of three-year senior notes.

Also, Kommuninvest I Sverige AB sold $1.25 billion of long three-year notes on Tuesday.

The Markit CDX North American Investment Grade index softened about 1 bp over the day to a spread of 66 bps.

In the secondary market, Barclays plc’s 4.95% callable senior notes due 2047, which priced last week, were seen about 6 bps better than issuance.

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