Motorola, O’Reilly tap primary market; high-grade inflows rise; week’s deal volume strong

By Cristal Cody

Tupelo, Miss., May 9 – Deal volume in the high-grade bond market on Thursday included two new issues.

Motorola Solutions, Inc. sold $650 million of 10-year senior notes.

O'Reilly Automotive, Inc. priced $500 million of 10-year senior notes.

In other activity, Lipper US Fund Flows reported that corporate investment-grade fund inflows rose to $3.33 billion for the week ended May 8, compared to inflows of $375 million in the previous week and $5.86 billion of inflows in the prior week.

Investment-grade supply has been heavy this week, which featured the year’s two biggest bond deals.

International Business Machines Corp. priced a $20 billion eight-part offering of notes in the biggest bond deal of the year on Wednesday.

On Tuesday, Bristol-Myers Squibb Co. sold $19 billion of senior notes in nine tranches.

More than $45 billion of high-grade bonds have priced week to date, in line with the $40 billion to $45 billion of supply expected by syndicate sources.

Market sources continue to keep an eye on hefty bond deals expected soon from T-Mobile U.S. Inc. and Fidelity National Information Services, Inc. following roadshows.

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