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High-grade primary action quiet on Friday after active week led by Comcast megadeal
By Devika Patel
Knoxville, Tenn., Oct. 5 – The high-grade bond market stayed quiet on Friday, with no new deals announced or pricing.
The week, however, had been busy, bringing a reported 20 new issues to market. Among these was a $27 billion megadeal from Comcast Corp. on Tuesday, accounting for more than half of the week’s bond issuance.
On Tuesday, the Philadelphia-based media and technology company priced $27 billion of guaranteed senior notes in 12 fixed- and floating-rate tranches.
On the short end, a $1.75 billion tranche of 3.3% two-year fixed-rate notes priced with a spread of 50 bps over Treasuries, or 99.972 to yield 3.315%.
On the long end, a $2.5 billion tranche of 4.95% notes due Oct. 15, 2058 priced at a 175 bps over Treasuries spread. The bonds priced at 99.912 to yield 4.955%.
In addition, 10 other tranches priced along the curve.
Several smaller deals provided a steady supply of news deals during the week.
On Monday, Toronto-based Royal Bank of Canada priced $1.8 billion of medium-term senior notes in two tranches.
Other deals during the week came from Kommuninvest I Sverige AB, Enterprise Products Operating LLC, American Honda Finance Corp., CenterPoint Energy, Inc. and European Investment Bank.
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