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Issuers flood high-grade market; Bank of England, TransCanada, Citizens Bank, Moody’s price
By Cristal Cody
Tupelo, Miss., Feb. 27 – High-grade issuers priced more than $10 billion of bonds over Monday’s session.
The Bank of England sold $2 billion of three-year dollar-denominated notes in a Rule 144A and Regulation S transaction.
TransCanada Trust priced $1.5 billion of 60-year trust fixed- to floating-rate notes.
Citizens Bank, NA priced a $1 billion two-tranche offering of three-year senior notes.
In addition, Moody’s Corp., Alabama Power Co., RPM International Inc., Consolidated Edison, Inc., Textron Inc. and Westar Energy, Inc. tapped the primary market.
Westpac Banking Corp. and Charles Schwab Corp. also were expected to price.
About $20 billion to $25 billion of new issuance was forecast for the week.
The Markit CDX North American Investment Grade index tightened about 1 basis point to close at a spread of 62 bps.
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