Morning Commentary: High-grade primary action quiet early Tuesday; Black Sea Trade eyed

By Devika Patel

Knoxville, Tenn., July 21 – The high-grade bond market stayed largely quiet over the morning on Tuesday, with no new deals pricing.

On Monday evening, however, two new deals priced.

Wilsonville, Ore.-based FLIR Systems, Inc., a manufacturer of sensors and imaging systems, priced $500 million of 2.5% 10-year notes (Baa3/BBB/BBB) at a spread of 190 basis points over Treasuries, and Torrance, Calif.-based Toyota Motor Credit Corp., the funding arm of auto manufacturer Toyota, sold $750 million of 0.45% two-year Diversity and Inclusion notes (A1/A+/A+) at a spread of Treasuries plus 33 bps.

Separately, Greece’s Black Sea Trade and Development Bank has selected banks and scheduled a series of fixed-income investor calls regarding an increase of its existing issue of 3.5% notes due 2024, according to a market source.

HSBC, JPMorgan and Societe Generale are mandated to arrange the global investor calls beginning on Tuesday.

A tap of the $400 million Regulation S notes due 2024 will follow, subject to market conditions.

The financial and development institution is based in Thessaloniki.

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