Ameriprise, Piedmont bring deals to primary; AT&T firms; Verizon, Bank of America flat

By Aleesia Forni and Cristal Cody

Virginia Beach, Sept. 15 – PNC Bank NA, A.P. Moller - Maersk A/S and Ameriprise Financial Inc. were among Monday’s issuers, hitting the high-grade market ahead of this week’s Federal Reserve meeting.

A.P. Moller priced a $1.25 billion two-part offering of notes in five- and 10-year tranches, while PNC Bank sold $1 billion of notes in two tranches.

And Ameriprise Financial issued an upsized $500 million of senior notes.

Ross Stores Inc., Piedmont Natural Gas Co. Inc. and Brown & Brown Inc. were each in the market with smaller-sized deals.

In forward calendar news, NRW.Bank set price talk for a proposed $1 billion offering of five-year notes.

The two-day Federal Open Market Committee meetings will likely keep a lid on issuance mid-week, though sources are still expecting $20 billion to $25 billion of supply.

Investment-grade bonds opened unchanged to slightly wider on Monday and continued to weaken over the session, a source said.

The Markit CDX North American Investment Grade series 22 index eased 1 basis point to a spread of 61 bps.

AT&T Inc.’s 3.9% notes due 2024 firmed 3 bps in the secondary market, while Verizon Communications Inc.’s 4.15% senior notes due 2024 headed out little changed from Friday, the source said.

Bank of America Corp.’s paper traded flat on the day, according to a market source.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.