Standard Chartered, National Bank of Canada price; Microsoft, Apple firm; GE Capital stable

By Aleesia Forni and Cristal Cody

Virginia Beach, April 13 – New-issue activity was measured to open the week on Monday, with issuers pricing $3.95 billion of bonds.

The session saw Standard Chartered plc offer $3 billion of senior notes in four parts and National Bank of Canada sell a $750 million covered bond.

Standard Chartered sold all tranches of its new deal at the tight end of guidance, amassing an order book of more than $7.5 billion.

Meanwhile, National Bank of Canada priced its three-year offering tight of initial price talk.

There was also a $200 million floating-rate note priced by National Rural Utilities Cooperative Finance Corp. during the session.

Sources are predicted a spike in activity in the coming sessions, with the bulk of this week’s new issuance coming from the financial sector.

Around $15 billion of supply is predicted for the week.

Investment-grade bonds were mixed over the day, according to market sources.

Microsoft Corp.’s 2.7% notes due 2025 firmed 2 basis points.

Apple Inc.’s 2.5% notes due 2025 traded 2 bps better over the session.

General Electric Capital Corp.’s bonds held onto gains from Friday but were mostly unchanged.

General Electric Co.’s bonds were flat in secondary trading.

The Markit CDX North American Investment Grade series 23 index eased less than 1 bp to a spread of 61 bps.

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