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Strong high-grade deal pace forecast; Raymond James, Sunoco, CBS firm; credit spreads tighten
By Cristal Cody
Eureka Springs, Ark., July 8 – High-grade issuers took a break on Friday following more than $23 billion of issuance over the short week.
The week ahead is expected to see about $25 billion of volume.
The Markit CDX North American Investment Grade index tightened 4 basis points over Friday’s session to close at a spread of 73 bps.
Raymond James Financial, Inc.’s senior notes (Baa2/BBB/) priced on Thursday firmed 5 bps to 10 bps in secondary trading.
Sunoco Logistics Partners Operations LP’s 3.9% senior notes due 2026 improved 4 bps over the session and traded 5 bps tighter than where the notes priced on Thursday.
CBS Corp.’s $700 million offering of 2.9% senior notes due 2027 priced on Wednesday traded 7 bps better than issuance on the bid side going out on Friday.
Raymond James firms
Raymond James’ 3.625% senior notes due 2026 traded tighter Friday afternoon at 215 bps bid, 212 bps offered, according to a market source.
The notes traded early Friday at 222 bps offered.
Raymond James sold the notes on Thursday at Treasuries plus 225 bps in a $500 million tranche.
The company’s 4.95% notes due 2046, priced in a $300 million tranche on Thursday at Treasuries plus 280 bps, traded at 280 bps bid, 275 bps offered.
The financial services company is based in St. Petersburg, Fla.
Sunoco stronger
Sunoco Logistics Partners’ 3.9% notes due 2026 improved over the session to 250 bps bid, 245 bps offered, a market source said.
The notes were quoted at 254 bps offered at the start of the day.
Sunoco Logistics sold $550 million of the notes (Baa3/BBB/BBB) on Thursday at a spread of 255 bps over Treasuries.
Philadelphia-based Sunoco transports and stores crude oil and natural gas.
CBS tightens
CBS’ 2.9% senior notes due 2027 traded late Friday afternoon at 163 bps bid, 170 bps offered, a market source said.
CBS sold $700 million of the notes (Baa2/BBB) on Wednesday at 170 bps over Treasuries.
The broadcasting company is based in New York.
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