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Morning Commentary: Investment-grade primary action gears up; heavy supply forecast
By Cristal Cody
Tupelo, Miss., Nov. 27 – Heavy primary action is expected in the high-grade bond market on Monday following the Thanksgiving Day holiday.
Several issuers were lining up deals.
Northern States Power Co., Pacific Gas & Electric Co., Caterpillar Financial Services Corp., Kilroy Realty, LP, ORIX Corp., WGL Holdings, Inc. and Healthcare Realty Trust Inc. are marketing notes.
Also, E*Trade Financial Corp. plans to price series B fixed-to-floating rate non-cumulative perpetual preferred stock.
About $30 billion of issuance is expected by market sources for the week.
Supply is forecast to be heavy into mid-December as issuers rush to price ahead of the year’s end, according to market sources.
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