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TD Bank, U.S. Bank price; Quebec’s Federation continues roadshow; credit spreads flat
By Cristal Cody
Tupelo, Miss., Oct. 19 – Investment-grade primary action slowed on Thursday with two high-grade deals reported priced.
Toronto-Dominion Bank came with a $2 billion dollar-denominated offering of two-year fixed- and floating-rate notes.
TD Bank sold $300 million of floating-rate notes at par to yield Libor plus 15 basis points and $1.7 billion of 1.9% two-year fixed-rate notes at 99.90 to yield 1.951%, or a spread of Treasuries plus 40 bps.
U.S. Bank NA priced $1.5 billion of three-year fixed- and floating-rate senior notes.
U.S. Bank sold $300 million of three-year floaters at Libor plus 14 bps and $1.2 billion of 2.05% three-year fixed-rate notes at a spread of Treasuries plus 37 bps.
Market focus has been geared toward a heavy round of earnings reports from companies including Verizon Communications Inc. and Phillip Morris International Inc. on Thursday, followed by earnings releases on Friday from companies that include General Electric Co. and Procter & Gamble Co.
In other activity, the Federation des caisses Desjardins du Quebec (Aa2/A+/AA-) is expected to wrap its three-day deal roadshow in Boston on Friday, according to a market source. Barclays is the bookrunner for the dollar-denominated Rule 144A and Regulation S offering.
The Markit CDX North American Investment Grade 29 index closed steady at a spread of 54 bps.
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