| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers P > Headlines for Prospect Capital Corp. > News item |
Morning Commentary: Prospect Capital offers notes; weekly supply thin; Tyson improves
By Cristal Cody
Tupelo, Miss., Sept. 27 – At least one high-grade issuer is marketing new bonds in the primary market on Thursday.
Prospect Capital Corp. plans to price an offering of notes due Jan. 15, 2024.
Market action may be light during the session with a heavy focus on politics and a slew of economic data releases, sources report.
Investment-grade supply stayed quiet on Wednesday as the Federal Reserve raised rates by 25 basis points.
Week to date, high-grade issuers have priced nearly $10 billion of bonds.
As little as $15 billion to up to about $25 billion of issuance was expected by market sources for the week.
While primary action was quiet on Wednesday, secondary trading volume climbed. The session had $21.92 billion of bonds traded, compared to $17.93 billion on Tuesday and $16.21 billion on Monday, according to Trace.
New bonds priced at the start of the week have traded mostly better in the secondary market, sources report.
Tyson Foods, Inc.’s $900 million of senior notes (Baa2/BBB/BBB) that priced in two tranches on Tuesday also were stronger, according to a market source.
The company’s 5.1% notes due Sept. 28, 2048 improved to 101.39 over the morning after going out on Wednesday at 101.21.
Tyson sold $500 million of the 30-year notes at 99.574 to yield 5.128%, or a Treasuries plus 190 bps spread.
A $400 million tranche of 3.9% notes due Sept. 28, 2023 were not active early Thursday. The notes last traded on Wednesday at 100.42.
The five-year issue priced at 99.861 to yield 3.931%, or a spread of Treasuries plus 95 bps.
Tyson is a meat and food production company based in Springdale, Ark.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.