TC Energy sells more debt as credit market thaws

Bloomberg

TC Energy Corp sold US dollar-denominated bonds just as the company’s new loonie notes rally in their trading debut.
The pipeline operator’s C$2 billion ($1.4 billion) 3.8% debt due 2027 is quoted at a spread of about 300 basis points over Canadian government bonds after pricing on April 1 at 325 basis points, according to Bloomberg Valuation bid prices.
Meanwhile, the company’s TransCanada Pipelines Ltd unit tapped the US high-grade market for $1.25
billion of new 10-year notes at 350 basis points over Treasuries.
“The investment-grade market has opened up. Yes, spreads are a little wider but they should be because of the environment,” Toronto-Dominion Bank Chief Executive Officer Bharat Masrani told reporters.
“Banks are playing an important role here in channeling the liquidity to the right companies as well. So I think the market seems to have corrected itself, particularly the bond market.”