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Safeway, Walt Disney, Enbridge, Morgan Stanley, PNC do deals, desks hope for slowdown; new bonds tighter
By Andrea Heisinger and Paul Deckelman
New York, Dec. 17 - The new issue market did not dry up Wednesday, with Safeway Inc., Morgan Stanley, Walt Disney Co., Enbridge Energy Partners LP and PNC Funding Corp. doing deals.
The day saw more notes backed by the Federal Deposit Insurance Corp. Temporary Liquidity Guarantee Program, which Morgan Stanley and PNC Funding priced under.
It's probable the slow trickle of these deals will continue until the Christmas holiday next week, a source said.
Another source commented that the number of FDIC-backed deals were gumming things up, and making desks busier than they otherwise would be.
In the secondary market Wednesday, advancing issues continued to lead decliners, by a more than two-to-one ratio. Overall market activity, reflected in dollar volumes, rose by 4% from Tuesday's pace.
Spreads in general were seen wider, in line with lower Treasury yields; for instance, the yield on the benchmark 10-year note fell by 9 basis points to 2.18%.
Newly priced bonds continued to firm smartly, traders said; among the gainers were Wednesday's issue of Safeway bonds, as well as Tuesday's offerings from Kraft Foods Inc. and Kinder Morgan Energy Partners LP, as well as Monday's issues from United Technologies Corp. and Procter & Gamble Co.
Constellation Energy Group Inc.'s bonds were seen having tightened - albeit on relatively restrained trading - on the news that the Baltimore-based power generating company has decided to back away from its previously agreed-upon deal to be acquired by a unit of Warren Buffet's Berkshire Hathaway Inc. in favor of an offer from Electricite de France SA.
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