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High-grade primary quiet at quarter-end; steady deal volume forecast; AT&T notes trade
By Cristal Cody
Tupelo, Miss., Sept. 29 – The high-grade bond market ended Friday’s session and the third quarter mostly quiet following more than $20 billion of supply priced over the week.
Deal action is expected to be steady as October kicks off with about $20 billion of issuance forecast in the week ahead, according to a market source.
The Markit CDX North American Investment Grade 29 index firmed more than 1 basis point to close on Friday at a spread of 56 bps.
In the secondary market, AT&T Inc.’s 3.9% notes due Aug. 14, 2027 (Baa1/BBB+/A-) traded heavily during the session, a source said.
AT&T’s notes were last seen at 100.15 on Friday, compared to where the notes went out on Thursday at 100.29.
AT&T sold $5 billion of the notes on July 27 at 99.827 to yield 3.92% and a spread of 160 bps over Treasuries.
The company’s $85.4 billion cash and stock acquisition of Time Warner Inc. (Baa2/BBB/BBB+) is expected to close before the end of the year.
Time Warner’s 2.95% notes due July 15, 2026 headed out at 94.96 in light trading on Friday. The notes last traded in the previous session at 94.93.
The New York-based media and entertainment company sold $800 million of the notes on May 5, 2016 at 98.70 to yield 3.1%, or a spread of Treasuries plus 135 bps.
Bonds in the telecommunications sector have traded better over the last part of the month, according to another market source.
In other secondary trading on Friday, Home Depot Inc.’s $1 billion of 2.8% notes due Sept. 14, 2027 were active but weaker during the session. The notes closed at 98.26, down from 98.38 on Thursday, a source said.
The notes have softened since hitting a high of 102.00 on Sept. 7.
The Atlanta-based home improvement retailer sold the notes (A2/A/) on Sept. 5 at 99.74 to yield 2.83% and a spread of Treasuries plus 75 bps.
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