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Primary sees $39 billion week; AT&T weaker; Home Depot long bonds firm
By Aleesia Forni and Cristal Cody
Virginia Beach, June 12 – Volatile market conditions did little to hinder issuance in the investment-grade bond market this week.
The primary market hosted more than $39.8 billion of new issuance, blowing away earlier predictions of around $25 billion.
This brings June’s total issuance to roughly $63 billion so far.
Meantime, Lipper reported $110 million of outflows from corporate high-grade funds for the week ended June 10, bringing the year-to-date total to roughly $29 billion of inflows.
Lipper reported $231 million of inflows for the prior week.
The pace of issuance is expected to continue in the week ahead, with another $25 billion to $30 billion predicted to price.
The bulk of supply is expected to come to market at the week’s start ahead of the Federal Reserve’s statement on Wednesday following the two-day Federal Open Market Committee meeting.
Investment-grade bonds headed out mixed in secondary trading, while credit spreads widened on Friday.
The Markit CDX North American Investment Grade series 23 index eased 2 basis points to a spread of 68 bps.
AT&T Inc.’s 3.4% notes due 2025 widened 5 bps over the day.
Home Depot Inc.’s 4.25% bonds due 2046 firmed 1 bp in trading.
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