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United Community sells fixed-to-floating notes; oil, energy bonds mostly better
By Aleesia Forni and Cristal Cody
Virginia Beach, July 31 – The investment-grade bond market closed a busy month of July on a quiet note on Friday.
The primary hosted United Community Banks Inc., which priced $85 million of senior fixed-to-floating notes.
This week’s roughly $22 billion of supply pushes the month of July’s high-grade total to a solid $155.34 billion, bringing the year-to-date total to more than $909 billion, according to Prospect News data.
Also this week, Lipper reported outflows of $1.262 billion from corporate investment-grade funds, bringing the year-to-date inflows to $28.84 billion.
This follows last week’s $889 million of inflows.
Players predict the pace to continue going forward, with around $25 billion to $30 billion of new investment-grade paper expected to price to kick off the month of August.
“It’s going to be a very busy month,” one market source noted.
Oil and energy bonds traded mostly tighter in Friday’s session after widening over the last part of July.
Exxon Mobil Corp.’s 2.709% notes due 2025 firmed 2 basis points.
Marathon Oil Corp.’s senior notes (Baa1/BBB/) were1 bp weaker to 3 bps better in the secondary market.
ConocoPhillips Co.’s senior notes (A1/A/) traded flat to 1 bp tighter on Friday.
The Markit CDX North American Investment Grade index firmed 1 bp over the day to a spread of 70 bps.
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