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Morning Commentary: High-grade primary market shuts down ahead of holidays; Charter up
By Cristal Cody
Tupelo, Miss., Dec. 24 – The high-grade bond market is effectively closed for the year with not even one Securities and Exchange Commission filing posted on the eve before the Christmas Day holiday.
The bond markets will close the session early at 2 p.m. ET and remain closed on Wednesday.
No corporate bonds have priced week to date or were brought to the primary market in the previous week.
Desks are thinly staffed this week, and no issuance is expected before the end of the year, according to syndicate sources.
Investment-grade corporate issuers have priced more than $20 billion of bonds so far in December.
The secondary market saw $7.07 billion of high-grade bonds traded on Monday, compared to $18.87 billion in the same period a week ago, according to Trace data.
Charter Communications, Inc.’s 4.8% senior secured notes due March 1, 2050 were among the most active issues in the secondary market on Monday and continued to trade early Tuesday, a source said.
The split-rated notes (Ba1/BBB-/BBB-) were up at 105.39 from 105.24 on Monday.
The issue headed out in the previous session about 1 basis point tighter at 218 bps bid, a source said.
Charter priced a $1.3 billion add-on to the issue on Dec. 2 at 101.964 to yield 4.677%, or a spread of Treasuries plus 240 bps, via subsidiaries Charter Communications Operating, LLC and Charter Communications Operating Capital Corp.
Charter originally sold the notes in a $1.5 billion offering on Oct. 15 at 99.436 to yield 4.836% and a spread of Treasuries plus 260 bps. The total outstanding is now $2.8 billion.
The broadband communications company is based in Stamford, Conn.
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