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Published on 12/18/2015 in the Prospect News Emerging Markets Daily, Prospect News High Yield Daily, Prospect News Municipals Daily, Prospect News Preferred Stock Daily and Prospect News Private Placement Daily.

High-grade bond funds see $5 billion outflows; Charter firms; Newell Rubbermaid flat

By Aleesia Forni and Cristal Cody

New York, Dec. 18 – Credit spreads were mostly stable on Friday following news that investment-grade bond funds saw their largest outflows of the year this week.

More than $5.1 billion left corporate investment-grade funds for the week ended Dec. 16.

This figure pulls the year-to-date total to roughly $6.7 billion of inflows.

Friday also ended a tumultuous week for the high-grade market that saw no new deals enter the market as the Federal Reserve hiked rates for the first time in nearly a decade and oil prices fell below $35 per barrel.

Another quiet week is predicted for the coming sessions ahead of the Christmas Day holiday, with no issuers expected to tap the high-grade market.

Investment-grade bonds were mixed over the afternoon in the secondary market.

Charter Communications Inc.’s 4.908% notes due 2025 firmed 2 basis points at 266 bps bid.

The company sold $4.5 billion of the notes (Ba1/BBB-) on July 9 at a spread of Treasuries plus 260 bps.

Oracle Corp.’s 2.95% senior notes due 2025 were unchanged.

AT&T Inc.’s notes (/BBB+/A-) traded 5 bps wider on Friday.

Newell Rubbermaid Inc.’s 3.9% senior notes due 2025 were flat but ended the week better.

The Markit CDX North American Investment Grade 25 index closed the day 2 bps weaker at a spread of 95 bps.


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