Paccar prices; front-loaded supply eyed ahead of Fed decision; AEP, Experian firm

By Cristal Cody

Tupelo, Miss., Dec. 6 – Paccar Financial Corp. tapped the investment-grade bond market on Friday with a $150 million offering of three-year floating-rate notes in an otherwise quiet session.

Investment-grade supply totaled more than $15 billion for the week, in line with forecasts of about $15 billion to $20 of issuance.

The week ahead features a rate decision by the Federal Reserve on Wednesday with issuance likely to be front-loaded, syndicate sources said.

About $5 billion to $10 billion of supply is expected in the upcoming week with little primary action anticipated for the remainder of the year.

In the secondary market, new bonds traded mostly better than issuance, sources reported.

AEP Texas Inc.’s 3.45% senior notes due Jan. 15, 2050 have firmed about 10 bps.

Experian Finance plc’s 2.75% senior notes due March 8, 2030 traded on Friday about 6 bps tighter than where the issue priced Tuesday.

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