U.S. Bancorp, Scotiabank, Constellation, Boston Gas, EDC tap primary; volume meets forecasts

By Cristal Cody

Tupelo, Miss., July 24 – Bank issuance remained in focus on Wednesday with deals from U.S. Bancorp, Bank of Nova Scotia and JPMorgan Chase & Co.

U.S. Bancorp priced $2.25 billion of fixed-rate notes in two tranches.

Bank of Nova Scotia sold $1.25 billion of seven-year senior notes.

JPMorgan offered a preferred stock deal during the session.

In other issuance on Wednesday, Constellation Brands, Inc. priced $800 million of 10-year senior notes.

Boston Gas Co. sold $500 million of 10-year senior notes following fixed income investor calls at the start of the week.

In addition, Export Development Canada priced C$500 million of five-year registered green bonds during the session.

Also on Wednesday, Las Vegas Sands Corp. offered three tranches of registered senior notes (Baa3/BBB-/BBB-) in an expected $3.5 billion deal.

Investment-grade supply week to date totals more than $20 billion with volume led in deal size by UnitedHealth Group Inc.’s $5.5 billion five-part offering of senior notes priced on Tuesday.

About $15 billion to $20 billion of deal volume was forecast by market sources for the week.

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