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Canadian primary activity drops over school break; more issuance forecast; Armtec lower
By Cristal Cody
Prospect News, March 23 - Canadian bond markets saw primary activity dry up over the week during the March holiday break for provincial schools, and activity stayed slow on Friday.
The deal calendar should start filling in with roadshows expected in March and early April, according to informed sources.
"Things will start to pick up next week," one syndicate source said.
Trading was light on Friday, sources said.
The Markit CDX Series 18 North American investment-grade index eased 1 basis point to a spread of 91 bps.
Armtec Infrastructure Inc.'s notes issued by subsidiary Armtec Holdings Ltd. traded lower in the high-yield secondary market a day after the company reported a fourth-quarter loss.
Canadian government bonds were stronger along with Treasuries on weaker U.S. housing data. Canada's 10-year note yield fell to 2.18% from 2.20%. The 30-year bond yield closed 1 bp lower at 2.72%.
The U.S. Commerce Department said new home sales fell 1.6% to a seasonally adjusted 313,000 in February.
Canadian consumer prices rose a seasonally adjusted 0.1% in February, led by an increase in energy and food, Statistics Canada said on Friday.
Armtec weaker
Armtec Infrastructure's 8 7/8% senior notes due 2017 (/B-//DBRS: B) dropped in trading on Friday to 58 bid, a source said.
The notes traded a month ago in the 63 range. Armtec sold the issue on Sept. 15, 2010 at par.
On Thursday, Armtec reported a fourth-quarter loss of C$2.85 a share compared to a gain of 29 cents a share in the fourth quarter a year ago.
Revenue of C$112 million was down 6% from the same period last year.
The Guelph, Ont.-based company manufactures and markets industrial infrastructure products and engineered construction solutions.
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