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Primary’s pace to continue next week; credit spreads firm; Exxon Mobil bonds soft
By Aleesia Forni and Cristal Cody
Virginia Beach, May 8 – Market players are gearing up for another active week of issuance ahead following this week’s issuance frenzy.
Large trades from AbbVie Inc., Apple Inc. and Shell International Finance BV pushed the week’s total supply to more than $50 billion, topping what sources expected to be a $35 billion to $40 billion week.
With a large M&A calendar expected for the remainder of May, sources are expecting the brisk pace to continue, with another $35 billion of new issuance predicted for next week.
Lipper reported outflows of $531.1 million from corporate investment-grade funds for the week ending May 6.
This follows last week’s $1.528 billion of inflows and puts the year-to-date total to roughly $27.15 billion of inflows.
Investment-grade bonds and credit spreads mostly improved on the day following stronger economic data, sources said.
The Markit CDX North American Investment Grade series 23 index firmed 3 basis points to a spread of 63 bps.
Bank and financial paper was mostly flat to modestly better in secondary trading.
Bank of America Corp.’s 4% notes due 2025 headed out about 1 bp tighter on Friday.
Goldman Sachs Group Inc.’s 3.5% senior notes due 2025 were unchanged.
JPMorgan Chase & Co.’s 3.125% notes due 2025 traded flat over the session.
In other secondary trading, Exxon Mobil Corp.’s bonds widened 3 bps to 4 bps.
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