Investment-grade bond primary market ends week with a hush; no new offerings emerge

By Devika Patel

Knoxville, Tenn., Oct. 12 – The high-grade primary bond market remained sluggish on Friday, with not a single deal announced or priced.

The week, however, brought a reported seven new issues to market, despite a slow start on Monday.

On Tuesday, John Deere Capital Corp., the financing arm of Moline, Ill.-based farm equipment supplier Deere & Co., launched and priced $850 million of two-year floating-rate notes and $500 million of 3.65% five-year fixed-rate notes.

Also Tuesday, Newark, Del., electric company Atlantic City Electric Co. sold $350 million of 4% 10-year first mortgage bonds.

On Wednesday, Frankfurt-based government-backed bank KfW priced $4 billion of 3.125% global notes due Dec. 15, 2021.

Canada’s Province of Ontario priced $2.5 billion of 3.4% five-year bonds on Wednesday as well.

Calgary, Alta., natural gas and oil pipeline and storage company TransCanada Pipelines Ltd. sold $1.4 billion of notes, including a $400 million add-on to its 4.25% senior notes due May 15, 2028, also on Wednesday.

On Thursday, Tokyo-based banking and financial company Sumitomo Mitsui Financial Group Inc. priced $2.5 billion of senior notes in three tranches.

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