Public Storage prices $500 million; Fannie Mae on tap; U.S., Canada bank supply eyed

By Cristal Cody

Tupelo, Miss., April 10 – Public Storage priced $500 million of 10-year senior notes following fixed income investor calls on Tuesday as the sole issuer in the high-grade primary market on Wednesday.

The deal was upsized from $400 million and attracted $2.6 billion of orders, a source said.

Otherwise, market activity was light over the session with focus on the afternoon release of the minutes from the Federal Reserve’s March monetary policy meeting.

Fannie Mae announced plans to price three-year Benchmark Notes on Thursday.

Dublin aircraft leasing company Avolon Holdings Ltd. continued a second day of fixed income investor calls on Wednesday for a possible Rule 144A and Regulation S bond offering that may receive investment-grade ratings, according to market sources and news releases from the company and Moody’s Investors Service.

About $6 billion of high-grade bonds have priced week to date, not including a $12 billion five-part deal on Tuesday from Saudi Arabian Oil Co. and other emerging markets issuers this week.

Syndicate sources forecasted about $15 billion to $20 billion of investment-grade deal volume this week.

Looking ahead, bank and financial issuance in the U.S. and Canadian markets is being eyed after companies exit earnings blackout reporting periods in April and May, according to market sources.

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