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Quiet week’s supply tops expectations; General Electric soft; GE Capital tightens
By Aleesia Forni and Cristal Cody
Virginia Beach, April 10 – The high-grade primary was empty of new issuance on Friday, closing out a “very, very quiet” week for the market.
Still, the primary market managed to host around $20 billion of new issuance, topping what was predicted to be around a $10 billion to $15 billion week.
Sources are expecting another relatively subdued week ahead, with financials accounting for the bulk of supply and around $15 billion of issuance predicted.
General Electric Capital Corp.’s bonds tightened as much as 10 basis points to 15 bps over the day following General Electric Co.’s announcement early Friday that it will sell most of GE Capital Corp.’s assets over the next two years, market sources said.
General Electric’s bonds traded 1 bp to 3 bps softer over the session.
In other trading, JPMorgan Chase & Co.’s 3.125% notes due 2025 were flat.
Goldman Sachs Group Inc.’s senior notes (Baa1/A- /A) reopened in late March were mostly unchanged.
Southwestern Energy Co.’s 4.95% senior notes due 2025 remained strong in secondary trading.
Exxon Mobil Corp.’s 2.709% notes due 2025 were tighter on the week.
Market activity was mostly quiet on Friday, except for in General Electric Capital bonds, sources said.
The Markit CDX North American Investment Grade series 23 index was unchanged at a spread of 61 bps.
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