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Morning Commentary: High-grade primary quiet after bank supply; tally meets expectations
By Cristal Cody
Tupelo, Miss., Oct. 18 – The high-grade bond market quieted at the start of Friday’s session following more than $11 billion of corporate supply week to date.
About $10 billion to $15 billion of corporate issuance was anticipated by market sources for the Columbus Day holiday-shortened week.
Volume has been led this week by bank supply from issuers including Bank of America Corp., Bank of New York Mellon Corp., PNC Bank, NA and Bank of Montreal.
In addition this week, $5 billion of high-grade sovereign, supranational and agency bonds have priced.
In the investment-grade secondary market, corporate trading volume edged up to $20.99 billion on Thursday, compared to $20.30 billion on Wednesday and $18.48 billion on Tuesday, according to Trace data.
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