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Synovus Bank prices; Paccar brings add-on; high-grade corporate inflows increase; bonds firm
By Cristal Cody
Tupelo, Miss., Oct. 22 – The investment-grade primary market saw light issuance over Thursday’s session.
Synovus Financial Corp. subsidiary Synovus Bank (Baa2/BBB/BBB) sold $200 million of 10-year fixed-to-floating-rate subordinated notes following fixed income investor calls.
Paccar Financial Corp. (A1/A+/) priced a $100 million add-on to its 1.8% medium-term notes due Feb. 6, 2025 on Thursday 10 basis points tighter than where the first issue first priced in January.
A $200 million preferred stock deal also priced during the session from Fulton Financial Corp.
High-grade deal volume week to date includes more than $25 billion of corporate and sovereign, supranational and agency issuance.
Corporate issuers have priced about $15 billion of bonds this week, in line with the $15 billion of supply expected by market participants for the week.
Meanwhile, investment-grade corporate fund inflows rose over the past week ended Wednesday, according to Refinitive Lipper US Fund Flows.
Inflows edged up to $6.76 billion from $6.64 billion in the prior week.
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