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Morning Commentary: Japan Bank for International Cooperation on tap; primary in focus
By Cristal Cody
Tupelo, Miss., July 9 – Japan Bank for International Cooperation is marketing three tranches of U.S. dollar-denominated bonds in the high-grade primary market on Monday.
The bonds are guaranteed by Japan.
Market tone at the start of the session was risk-on with Treasury prices down and stocks on the rise, a source said.
Deal action is expected to pick up this week after issuers stayed out of the primary market last week with no reported bonds priced during the holiday week.
Syndicate sources forecast about $15 billion to $20 billion of volume for this week.
About $75 billion to $85 billion of new investment-grade bond issuance is expected in July.
In addition to the quiet primary market, secondary trading volume also has been light with volume on Friday totaling $7.58 billion, Trace reported.
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