National Australia Bank, Huntington, Citizens Bank price; Visa firms; McDonald’s eases

By Aleesia Forni and Cristal Cody

New York, March 9 – The primary’s pace slowed on Wednesday compared to recent sessions, thought investment-grade issuers still managed to sell $4.5 billion of new bonds.

Financials accounted for the bulk of the day’s supply. National Australia Bank, Huntington Bancshares Inc., Council of Europe Development Bank and Citizens Bank NA priced bonds.

Marsh & McLennan Cos., Inc. sold an upsized $350 million offering more than 25 basis points inside initial talk.

The deals entered the market as Treasuries declined during the session, oil prices rebounded and stocks saw gains.

One market source noted that the apparent let-up in the deluge of supply is not a sign of any market weakness and that the slowdown mid-week was “just how it happened.”

Already, the week has seen more than $29.7 billion of new investment-grade paper price, pushing the month of March’s total issuance to more than $66 billion in only seven sessions.

Investment-grade bonds were mixed in secondary trading over the day.

Visa Inc.’s 3.15% senior notes due 2025 traded about 2 bps better on Wednesday.

Anheuser-Busch InBev Finance Inc.’s 3.65% senior notes due 2026 were active but unchanged.

McDonald’s Corp.’s 3.7% notes due 2026 eased about 1 bp during the session.

The Markit CDX North American Investment Grade index ended 2 bps tighter at a spread of 97 bps.

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