High-grade primary sees $12 billion day; Time Warner prices; bonds mixed in secondary

By Aleesia Forni

New York, Nov. 17 – Westpac Banking Corp. led another storm of issuers to Tuesday’s high-grade market.

Roughly $12 billion of new paper added to this week’s total, pushing the supply for November’s last full week to more than $20 billion.

Westpac Banking sold a $3.75 billion three-part offering of notes, all at the tight side of guidance, and was joined in the primary by another Yankee issuer, Societe Generale, which sold $1.5 billion tier 2 bonds in two tranches.

Other new issues priced on Tuesday from International Finance Corp., ING Bank NV, PBF Holding Co., LLC, Ameren Corp. and Pricoa Global Funding.

Novartis Capital Corp. also entered the primary, selling $3 billion of bonds around 15 basis points tight of initial talk.

And Time Warner Inc. offered an upsized $900 million bond offering in new and reopened tranches on Tuesday.

In the secondary market, Time Warner’s existing notes (Baa2/BBB) traded flat on the short end to 2 bps wider on the long end.

Meantime, bank and financial paper was mixed over the course of the trading day, according to a market source.

The Markit CDX North American Investment Grade 25 index was unchanged on the day at a spread of 83 bps.

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