Strong issuance eyed; Cox Communications firms; MetLife mostly flat; Capital One better

By Cristal Cody

Eureka Springs, Ark., Sept. 9 – High-grade corporate pricing action stayed quiet on Friday after more than $50 billion of corporate bonds priced during the previous three days.

About $40 billion of volume is expected in the upcoming week, according to market sources.

Details emerged on new bonds priced on Thursday from issuers including BNZ International Funding Ltd., Woodside Finance Ltd. and BOC Aviation Pte Ltd.

Also, MetLife Global Funding I priced $2 billion of notes in four tranches.

Capital One, NA sold $2.55 billion of bank notes in three parts.

Cox Communications Inc. priced $1 billion of 10-year senior notes.

In the secondary market, Cox Communications’ notes tightened 5 basis points on the bid side.

MetLife’s notes traded mostly flat.

Capital One’s notes improved about 1 bp to 2 bps in secondary trading.

The Markit CDX North American Investment Grade index closed on Friday 4 bps softer at a spread of 76 bps.

MetLife Global Funding I priced $2 billion of notes in four tranches on Thursday, according to a market source.

The company sold $350 million of two-year floating-rate notes at Libor plus 34 bps.

There also was a $550 million tranche of 1.25% two-year notes sold at 60 bps over Treasuries.

MetLife priced $350 million of 1.55% three-year notes at 70 bps over Treasuries.

The company also sold $750 million of 1.95% five-year notes at a spread of 80 bps over Treasuries.

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