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Fannie brings $2 billion of five-year benchmark notes; PPL sells $650 million notes
By Sheri Kasprzak
New York, May 12 – New-issue action in the high-grade bond market was light on Thursday.
The slow down came after the first three days of the week saw around $30 billion price, the busiest pace of activity since early April.
Fannie Mae headlined the day’s new supply as it priced $2 billion of 1.25% five-year benchmark notes at Treasuries plus 13 basis points.
The notes were priced at 99.478 to yield 1.359%.
J.P. Morgan Securities LLC, Deutsche Bank Securities Inc. and TD Securities (USA) LLC were the joint lead managers for the notes.
Fannie Mae, based in Washington, D.C., is a mortgage credit provider.
Meanwhile PPL Capital Funding Inc. priced an upsized $650 million of 10-year senior notes, according to an informed source and filings with the Securities and Exchange Commission.
The notes came in line with talk for a spread of Treasuries plus 150 bps. The size was increased from an announced $500 million.
The notes are guaranteed by PPL Corp.
The joint bookrunners are Barclays, Credit Suisse Securities (USA) LLC, MUFG and Wells Fargo Securities LLC.
Based in Allentown, Pa., PPL is an energy and utility holding company.
Also in primary news, Intel Corp. announced a two-tranche offering on Thursday morning but terms were not available at press time.
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