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Morning Commentary: Primary quiet after strong week; high-grade inflows mostly decline
By Cristal Cody
Tupelo, Miss., Aug. 17 – Investment-grade market action cooled on Friday with activity expected to remain mostly quiet over the session.
Week to date deal volume totals more than $29 billion, compared to syndicate forecasts of about $25 billion to $30 billion of supply.
Issuance has been led by an $11 billion seven-tranche offering of notes from United Technologies Corp. on Monday, a $3 billion four-part bond deal from AstraZeneca plc on Tuesday and a $3.75 billion offering of floating-rate notes from AT&T Inc. on Thursday.
While the primary market was busy, high-grade inflows mostly declined during the week.
For the week ended Aug. 15, Lipper US Fund Flows reported inflows of $1.45 billion for corporate investment-grade funds, down from $2.8 billion in the previous week but higher than the $1.21 billion in the week prior.
Inflows to the overall high-grade space, which includes corporates, mortgages, Treasuries and agencies, declined to $2.07 billion from $2.41 billion in the previous week, according to a BofA Merrill Lynch research report released on Friday that cites data from EPFR Global and BofA Merrill Lynch Global Research.
“Inflows to U.S. funds and ETFs weakened this past week for most fixed income asset classes as well as for equities,” according to the note.
High-grade ETFs were an exception and saw an inflow of $560 million following a $110 million outflow in the past week, the note said.
Inflows to short-term high grade also improved slightly $1.95 billion from $1.92 billion last week, while inflows to outside-of-short-term high-grade funds and ETFs declined to $120 million from $490 million.
Elsewhere, secondary trading volume has been light this week with $15.61 billion of bonds traded on Thursday, $14.91 billion on Wednesday, $16.89 billion on Tuesday and $12.95 billion on Monday, according to Trace.
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