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ANZ sells $1.25 billion; BPCE prices; Visa stable; McDonald’s softens; credit spreads ease
By Cristal Cody
Tupelo, Miss., Jan. 27 – Two high-grade issuers tapped the market on Wednesday, while primary action remains light on the week.
ANZ New Zealand Ltd. priced $1.25 billion of senior notes in two tranches.
The company sold $750 million of 2.25% three-year notes at 99.991 to yield 2.253%. The notes priced with a spread of 115 basis points over Treasuries.
ANZ also sold $500 million of 2.75% five-year notes at 99.893 to yield 2.773%. The notes priced at a spread of 130 bps over Treasuries.
BPCE SA brought $750 million of 2.65% five-year senior notes at a spread of 127 bps over Treasuries. The notes priced at 99.828 to yield 2.687%.
Volume for the rest of the week is “sort of unclear at this point, given how the market is,” a source said on Wednesday.
In the secondary market, investment-grade bonds traded mostly flat to softer.
Visa Inc.’s 3.15% notes due 2025 were unchanged on Wednesday at 105 bps bid, and its 4.3% bonds due 2045 were flat at 133 bps bid.
McDonald’s Corp.’s 3.7% notes due 2026 eased 3 bps to 166 bps bid in the secondary market.
The Markit CDX North American Investment Grade 25 index eased 1 bp to close at a spread of 105 bps.
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