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High-grade corporate bond supply winds down for year; FHLBank on tap; AbbVie firms
By Cristal Cody
Tupelo, Miss., Dec. 18 – Dollar-denominated corporate high-grade supply stayed quiet over Wednesday’s session.
One issuer, SmartCentres Real Estate Investment Trust, priced a C$450 million offering of 10-year senior debentures during the session in a Canadian private placement.
Coming up on Thursday, the Federal Home Loan Bank System plans to price a two-year Global note.
Corporate deal volume has been quiet so far week to date, except for a $50 million preferred stock offering on Tuesday, market sources report.
Based on December monthly syndicate forecasts, the balance of potential bond deal volume is an average $1 billion to $3 billion, a syndicate source said.
In the secondary market, biopharmaceutical bonds priced in two of the year’s biggest deals remained better than issuance on Wednesday.
AbbVie Inc.’s 3.2% notes due Nov. 21, 2029 firmed about 1 bp on the day.
Bristol-Myers Squibb Co.’s 3.4% senior notes due July 26, 2029 improve nearly 1.5 bps during the session.
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