Ford Motor, ANZ price; VeriSign sells crossovers; Bank, financial paper flat to weaker

By Aleesia Forni and Cristal Cody

Virginia Beach, March 24 – Ford Motor Credit Co. LLC, ANZ New Zealand Ltd. and VeriSign Inc. issued bonds on Tuesday amidst a stronger underlying tone to the market.

The day saw around $3.5 billion of new issuance, pushing the week’s total supply to $15.8 billion.

Tuesday’s deals were met with mostly positive reception, even with the more than $145 billion of supply the investment-grade bond market has absorbed so far this month.

Ford Motor Credit sold both fixed-rate tranches of its new offering around 5 basis points tight of talk.

ANZ attracted an order book that was around 2.2 times oversubscribed for its offering of three-year notes, and VeriSign sold an upsized offering of crossover bonds at the tight end of guidance.

XLIT Ltd. was also in Tuesday’s market with an offering of guaranteed subordinated notes, though details of the sale were unavailable at press time.

Investment-grade bonds traded mostly flat to softer over the session, according to market sources.

Bank of America Corp.’s 4% notes due 2025 eased 1 bp in the secondary market.

Goldman Sachs Group Inc.’s 3.5% senior notes due 2025 softened 1 bp.

JPMorgan Chase & Co.’s 3.125% notes due 2025 traded 1 bp to 2 bps weaker over the day.

The Markit CDX North American Investment Grade series 23 index was unchanged at a spread of 63 bps.

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