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World Bank brings day’s lone issue; spreads widen; bank paper mostly weaker; Verizon flat
By Cristal Cody and Aleesia Forni
Virginia Beach, July 31 – World Bank sold the session’s lone new bond offering on Thursday, as a negative tone to the day’s session kept most issuers on the sidelines.
The primary market saw the Washington, D.C.-based lender price $1.75 billion of long two-year bonds in line with price talk during the session.
This week’s investment-grade primary market has seen roughly $7.9 billion of supply, falling short of what sources had expected to be a $15 billion week.
The figure is also down sharply from last week’s total, when the high-grade primary market saw $18.35 billion of new paper price.
With the release of Friday’s nonfarm payroll data, new issuance in the high-grade space is likely wrapped up for the week.
Investment-grade bonds widened over Thursday’s session in light activity, according to market sources.
The Markit CDX North American Investment Grade series 22 index eased 4 basis points to a spread of 64 bps.
Bank and financial paper was mixed over the day, a source said.
Bank of America Corp.’s notes (Baa2/A-/A) headed out in the secondary market 1 bp tighter to 3 bps weaker, according to a market source.
Morgan Stanley & Co. Inc.’s senior notes (Baa2/A-/A-) traded mostly softer, a source said.
Verizon Communications Inc.’s 4.15% notes due 2024 were flat from the previous day, a source said.
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