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Morning Commentary: Motorola to tap 4.6% notes due 2028; high-grade inflows rebound
By Cristal Cody
Tupelo, Miss., Sept. 28 – Motorola Solutions, Inc. is in the primary market on Friday with a reopening of its 4.6% senior notes due Feb. 23, 2028.
The company previously issued $500 million of the notes on Feb. 23, 2018.
Investment-grade bond market action has been mostly quiet since Tuesday. On Thursday, Standard Chartered plc, Credit Agricole CIB SA and Prospect Capital Corp. priced notes following no volume on Wednesday.
High-grade issuers have priced more than $11 billion of bonds over the week, coming in lower than market forecasts of about $15 billion to as much as $25 billion of supply.
Secondary market volume has been stronger over the back half of the week as supply waned. Trading volume included $18.32 billion of bonds on Thursday, $21.92 billion on Wednesday, $17.93 billion on Tuesday and $16.21 billion on Monday, according to Trace.
Investment-grade inflows also improved this week.
“Inflows to U.S. high grade bond funds and ETFs rebounded” to $1.67 billion for the week ended Wednesday from $520 million in the prior week, according to BofA Merrill Lynch analyst Yunyi Zhang in a note released on Friday.
The gain was led by inflows of $1.1 billion for this week compared to outflows of $710 million a week ago for the high-grade space, which includes corporates, mortgages, agencies and Treasuries.
“Short-term high grade continued to experience inflows” also, according to the note. Short-term high grade had inflows up to $1.39 billion in the past week from $570 million a week earlier, while high-grade outside-of-short-term flows turned positive to $280 million from a $60 million outflow the prior week, Zhang said.
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