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Morning Commentary: Investment-grade deal action quiet; secondary thins; Kroger notes mixed
By Cristal Cody
Tupelo, Miss., Aug. 25 – Investment-grade bond market activity slowed on Friday with light action expected over the session.
Corporate and SSA issuers priced about $13.55 billion of bonds in the first four sessions of the week.
Market focus early in the day was focused on Federal Reserve chairman Janet Yellen’s Jackson Hole, Wyo., speech at the annual central bank symposium.
Secondary trading volume has been light on the week. On Thursday, $12.13 billion of high-grade bonds were traded, compared to $14.13 billion on Wednesday, $15.75 billion on Tuesday and $10.9 billion on Monday, according to Trace.
Grocery retail bonds remain active with Amazon.com, Inc.’s $13.7 billion cash acquisition of Whole Foods Markets Inc. expected to close on Monday.
Kroger Co.’s senior notes (Baa1/BBB/BBB) were mixed over the morning, a source said.
The Cincinnati-based grocer’s 4.45% notes due Feb. 1, 2047 were quoted up at 96.33 on Friday from where the notes last traded in the previous session at 95.80.
Kroger sold $1 billion of the bonds on Jan. 17, 2017 at 99.87 to yield 4.46%, or a spread of 150 basis points over Treasuries.
Kroger’s 3.7% notes due Aug. 1, 2027 traded as high as 101.88 and as low as 99.93 over the morning, according to the market source. The notes went out on Thursday at 101.38.
The notes priced in a $600 million tranche on July 17 at 99.941 to yield 3.707% and a Treasuries plus 140 bps spread.
Kroger’s 4.65% notes due Jan. 15, 2048 were flat at 98.64 in early secondary trading.
The $500 million of long 30-year notes priced in the July 17 offering at 99.276 to yield 4.695% and a spread of 180 bps over Treasuries.
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