American Express, BP Capital, GM Financial, New York Bancorp, GATX, ONE Gas price notes

By Cristal Cody

Tupelo, Miss., Nov. 1 – American Express Co. led pricing action in the high-grade bond market on Thursday with a $3 billion three-part offering of senior notes.

In addition, BP Capital Markets America Inc. sold $2 billion of senior notes in two parts.

General Motors Financial Co. Inc. priced $1.35 billion of senior notes in two tranches.

New York Community Bancorp Inc. sold $300 million of 10-year split-rated fixed-to-floating rate subordinated notes.

GATX Corp. brought $300 million of long five-year senior notes to the primary market.

ONE Gas, Inc. also placed $400 million of 30-year senior notes.

High-grade issuers have priced more than $19 billion of bonds week to date, in line with syndicate forecasts.

About $15 billion to $20 billion of supply was predicted for the week.

Issuance is expected to thin as the year winds down with light volume likely in the week ahead due to the mid-term elections, Federal Reserve monetary policy meeting and upcoming Veterans Day holiday, sources report.

Syndicate sources expect about $75 billion to $85 billion of new issuance in November.

The Markit CDX North American Investment Grade 31 index was modestly tighter on the day at a spread of 68 basis points.

© 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.