Wells Fargo prices $6.5 billion; Norfolk Southern, Zions tap primary; corporate inflows rise

By Cristal Cody

Tupelo, Miss., Oct. 24 – Wells Fargo & Co. led supply in the high-grade primary market on Thursday with a $6.5 billion two-part offering of medium-term notes.

Norfolk Southern Corp. also priced $800 million of senior notes in two tranches.

In addition, Zions Bancorporation NA sold $500 million of 10-year subordinated notes.

In other primary action, Canadian National Railway Co. priced C$450 million of 3.05% senior notes due 2050 (A2/A/DBRS: A) on Thursday.

Lipper US Fund Flows reported corporate investment-grade funds inflows rose to $3.13 billion for the past week ended Wednesday from $2.89 billion in the previous week and $1.84 billion in the week prior.

The Markit CDX North American Investment Grade 33 index eased about 0.5 basis point to end the session at a spread of 54.5 bps.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.