Yara brings $1 billion; Tokyo Metropolitan sells notes; Vodafone tightens; Barclays firms

By Cristal Cody

Tupelo, Miss., May 24 – High-grade supply priced on Thursday include a $1 billion offering of 10-year notes from Yara International ASA.

Also, the Tokyo Metropolitan Government sold $500 million of five-year senior notes tighter than talk.

Supply came to less than $3 billion total for Monday and Tuesday, while Wednesday’s session saw more than $17 billion of bonds price. Issuance in the previous session was led by Vodafone Group plc’s $11.5 billion six-tranche offering of senior notes.

Week to date, more than $21 billion of investment-grade bonds have priced.

About $25 billion of issuance was forecast for the holiday-shortened week.

In the secondary market, Vodafone’s six tranches of bonds traded about 6 bps to 10 bps tighter than issuance, a source said.

In other trading, bank and financial paper was mostly flat to better, a source said.

Barclays plc’s notes traded about 1 bp to 6 bps tighter over the day with the company’s 4.972% fixed-to-floating-rate notes due May 16, 2029 improved 1 bp to 201 bps bid.

Dollar Tree Inc.’s senior notes (Baa3/BBB-/) also tightened about 1 bp to 2 bps during the session, according to a market source. The company’s 4% notes due May 15, 2025 improved 1 bp to 121 bps bid, while the 4.2% notes due May 15, 2028 tightened 2 bps to 149 bps bid.

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