Primary rush continues as Burlington Northern, Cades, CBA price; Burlington, Apple firm

By Aleesia Forni and Cristal Cody

Virginia Beach, March 4 – Caisse d'Amortissement de la Dette Sociale (Cades), Commonwealth Bank of Australia, Burlington Northern Santa Fe LLC and Ensco plc brought new issues to the investment-grade primary on Wednesday during another frenzied session for the market.

Cades sold the largest deal of the session, pricing an upsized $5 billion of notes due 2018.

Meanwhile, Commonwealth Bank of Australia priced $3 billion of notes in three tranches, while Burlington Northern Santa Fe sold a $1.5 billion two-part issue of debentures.

TD Ameritrade Holding Corp., DTE Electric Co. and Solar Star Funding LLC were each in the market with upsized new issues.

The session also saw deals from Republic Services Inc., Lincoln National Corp. and CME Group Inc.

The market has already digested a staggering $54.52 billion of supply this week, due largely to Tuesday’s $21 billion jumbo trade from Actavis Inc., and sources expect another bout of issuance for Thursday’s session.

Investment-grade bonds headed out unchanged to modestly better.

The Markit CDX North American Investment Grade index was flat at a spread of 62 basis points.

Burlington Northern’s debentures traded 1 bp to 2 bps tighter in the secondary market.

Apple Inc.’s 2.5% senior notes due 2025 headed out 1 bp tighter.

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