IADB, Glencore, Societe Generale, MassMutual enter primary; GM Financial tightens

By Aleesia Forni and Cristal Cody

Virginia Beach, April 8 – Inter-American Development Bank, Glencore Funding LLC, Societe Generale SA and MassMutual Life Insurance Co. brought new bond deals to Wednesday’s primary market.

IADB offered $3 billion of global notes, while Glencore Funding sold $2.25 billion of senior notes in four tranches. Meanwhile, Societe Generale priced an upsized $1.5 billion subordinated offering.

The session also saw MassMutual Life Insurance price an upsized $500 million issue of surplus notes.

Nederlandse Waterschapsbank NV joined the forward calendar on Wednesday, announcing talk for a benchmark offering of seven-year notes.

In total, the primary market has hosted $13 billion of new issuance this week, already topping what was predicted to be around $10 billion of supply.

Investment-grade bonds were mixed in quiet secondary trading over the day with new issues mostly tighter following the release of the Federal Reserve’s policy meeting minutes, according to market sources.

General Motors Financial Co., Inc.’s senior notes (Ba1/BBB-/BB+) brought on Tuesday tightened 8 basis points to 10 bps in the secondary market.

In other trading, outstanding bonds from Mylan Inc. and Perrigo Finance plc widened about 10 bps on news of a potential merger between the parent companies.

Spreads were modestly softer as the session ended.

The Markit CDX North American Investment Grade series 23 index headed out less than 1 bp softer at a spread of 60 bps.

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