Bed Bath & Beyond, TD Bank, Scotiabank price; Bed Bath & Beyond, new bank paper firm

By Aleesia Forni and Cristal Cody

Virginia Beach, July 14 – Bed Bath & Beyond Inc. joined a handful of financial issuers heading to Monday’s primary market.

The company sold a $1.5 billion offering of senior notes in three tranches. The deal’s orderbook was more than six times oversubscribed.

The session also saw Bank of Nova Scotia and Toronto-Dominion Bank price new bond offerings.

Scotiabank brought to market a two-part $1.75 billion offering of notes, while TD Bank sold $1.25 billion of two-year floaters.

In other primary action, Deutsche Bank AG, London branch sold a $50 million add-on to its existing notes due 2017.

The market saw a positive tone to kick off the week, with around $4.5 billion of high-grade paper pricing during the session.

Sources are expecting around $20 billion of supply for this week, an increase from last week, which saw roughly $12 billion of new issuance.

Investment-grade bond spreads narrowed at the open of Monday’s session and remained tighter over the day.

The Markit CDX North American Investment Grade series 22 index firmed 1 basis point to a spread of 57 bps after ending flat on Friday.

The three tranches of notes brought by Bed Bath & Beyond all tightened in aftermarket trading, a source said.

New paper from the two Canadian banks in the U.S. market on Monday traded better, a trader said.

© 2015 Prospect News.
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