Pace slows with AmEx, JBIC, McGraw Hill new issues; Goldman, Citigroup paper widens

By Aleesia Forni and Cristal Cody

Virginia Beach, May 20 – Investment-grade primary action slowed on Wednesday as the market focused on the release of the Federal Reserve minutes.

Issuers still priced more than $9.9 billion of paper during the session, pushing the week’s total supply to $49 billion.

The day’s primary hosted American Express Credit Corp., which sold $2.15 billion of five-year senior notes in fixed- and floating-rate tranches.

Also on Wednesday, Japan Bank for International Cooperation offered $2.5 billion of guaranteed bonds.

American Tower Corp. priced an issue of secured revenue notes, while Health Care REIT Inc. sold $750 million of 10-year notes.

McGraw Hill Financial, Inc. attracted more than $2.6 billion of orders for its upsized $700 million new issue.

The session also hosted new offerings from Kommuninvest i Sverige AB, PNC Bank NA, Export Development Canada and DnB NOR Boligkreditt AS.

Investment-grade bonds traded mostly softer as traders digested the Federal Reserve’s April policy meeting minutes.

The Markit CDX North American Investment Grade series 23 index eased 1 basis point to a spread of 65 bps.

Goldman Sachs Group Inc.’s paper (Baa1/A-/A) widened in the secondary market.

Citigroup Inc.’s 3.3% senior notes due 2025 traded 8 bps weaker during the session.

Bank of America Corp.’s 4% notes due 2025 eased 6 bps in trading.

JPMorgan Chase & Co.’s 3.125% notes due 2025 were unchanged.

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