Credit Suisse brings $3 billion fixed, floating notes; Wells prices $2 billion; AT&T busy

By Sheri Kasprzak and Stephanie N. Rotondo

New York, April 24 – New-issue action was more subdued Friday, but a couple of good-sized deals hit the market.

Credit Suisse AG priced $3 billion of fixed- and floating-rate notes via sole bookrunner Credit Suisse Securities (USA) LLC.

The offering included $2.75 billion of fixed-rate notes and $250 million of floating-rate notes, both of which are due April 27, 2018.

The fixed-rate notes bear interest at 1.7% priced at 99.89.

The floating-rate notes bear interest at three-month Libor plus 68 basis points.

Proceeds will be used for general corporate purposes.

Elsewhere, Wells Fargo & Co. priced $2 billion of fixed-rate notes. The sole bookrunner was Wells Fargo Securities LLC.

The 3.9% notes are due May 1, 2045 and are priced at 98.791 with a spread of Treasuries plus 130 bps. The benchmark yield is 2.691% with a reoffer yield of 3.919%.

At the close, a trader placed the issue at 133 bps bid, 130 bps offered.

Aside from the new issues – including AT&T Inc.’s monster deal from Thursday – a trader said the market was “pretty quiet,” adding that a “Treasury rally is not helping.”

Treasuries were up after data on durable goods orders in March indicated that there was continued weakness in business investment spending.

The Markit CDX North American Investment Grade series 23 index was steady at a spread of 61 bps.

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