Toyota, National Bank, VEON, UDR, European Bank price; ‘rocky day’ seen

By Cristal Cody

Tupelo, Miss., Oct. 2 – Several investment-grade issuers priced bonds over Wednesday’s session, while a risk-off tone caused by weaker manufacturing and jobs data sent credit spreads wider and stocks tumbling.

Toyota Motor Credit Corp. sold $1.75 billion of notes in three tranches.

National Bank of Canada priced an inaugural $750 million of three-year bail-in sustainability bonds.

VEON Holdings BV brought a downsized $700 million of split-rated senior notes due April 9, 2025 to the primary market on Wednesday.

UDR, Inc. sold $400 million of guaranteed medium-term notes in two tranches that included a reopening and a new green issue.

The sovereign, supranational and agency market also saw a deal from European Investment Bank, which priced $1 billion of 10-year global notes.

In Canadian dollar supply, Allied Properties Real Estate Investment Trust priced C$300 million of 3.113% senior debentures due April 8, 2027 at par to yield a spread of 180 basis points over the interpolated Government of Canada bond curve.

“It was a rocky day, [but] not so much in the credit markets – credit markets are a little slower to respond to some of the risk-off tone we’re seeing in the equity markets,” a source said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.