FHLBank prices $2 billion; high-grade funds post outflows; Charter notes tighten in secondary

By Cristal Cody

Tupelo, Miss., Dec. 19 – The Federal Home Loan Bank System priced $2 billion of two-year Global notes on Thursday.

Corporate supply remained quiet over the session with no high-grade corporate bonds priced week to date.

Little activity is expected in the primary market for the rest of the year, sources report.

About $1 billion to $3 billion of potential bond deal volume remains for December monthly syndicate forecasts, a source reported earlier in the week.

Corporate investment-grade funds posted outflows for the past week ended Wednesday, Lipper US Fund Flows reported.

Funds saw outflows of $180 million, compared to inflows of $4.61 billion in the previous week and $2.23 billion in the prior week.

The Markit CDX North American Investment Grade 33 index firmed modestly on Thursday to end at a spread of 45.7 basis points.

In the secondary market, Charter Communications, Inc.’s 4.8% senior secured notes due March 1, 2050 that were reopened earlier in the month firmed about 6 bps.

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