KfW sells $4 billion; Sweden raises $2 billion; Fannie Mae prices; credit spreads ease

By Cristal Cody

Eureka Springs, Ark., Aug. 31 – More than $9 billion of bonds priced in the high-grade dollar market on Wednesday from KfW, the Kingdom of Sweden and Fannie Mae.

KfW priced $4 billion of 1% two-year global notes at 99.945, according to an FWP filing with the Securities and Exchange Commission.

Goldman Sachs International, Nomura Securities International, Inc. and RBC Capital Markets, LLC were the managers.

The notes are guaranteed by the Federal Republic of Germany.

Sweden came early in the day to price $2 billion of 1.25% five-year benchmark bonds at 99.422 to yield 1.37%, according to a news release.

The bonds priced at mid-swaps plus 17 basis points.

Fannie Mae sold $3.5 billion of 1% three-year Benchmark Notes at 99.844 to yield 1.053%, according to a press release.

The notes priced with a spread of 15 bps over Treasuries.

The Markit CDX North American Investment Grade index widened about 2 bps to close the day at a spread of 73 bps.

Coca-Cola Co.’s 1.55% notes due 2021 traded wider at 42 bps offered in the secondary market earlier in the day, a source said.

The company sold $1 billion of the five-year notes on Monday at a spread of 40 bps over Treasuries.

Coca-Cola’s 2.25% notes due 2026 eased to 71 bps offered.

The 10-year notes were priced in a $1 billion tranche in Monday’s offering at 70 bps plus Treasuries.

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