Ford prices add-on; funds see $650.1 million outflow; power bonds flat to slightly tighter

By Aleesia Forni and Cristal Cody

Virginia Beach, June 13 – Ford Motor Credit Co. LLC priced a $200 million tap of its existing 2.375% notes due 2019 on Friday, capping off a week that saw more than $26 billion of paper price.

This figure was down slightly from last week’s more than $30 billion of supply.

Issuance was front-loaded again this week, with around $20 billion of this week’s total pricing on Monday and Tuesday.

In other news, Lipper reported outflows of $650.1 million from corporate investment-grade funds for the week ended June 11, down from the prior week’s inflows of $261.4 million.

The year-to-date inflows now sit around $38 billion.

The pace of issuance is expected to slow slightly in the week ahead, with around $15 billion to $20 billion of supply predicted.

Bonds traded mostly flat to tighter in light trading over the session, according to market sources.

“It’s been a quiet day,” one source said.

New electric and gas utility bonds that priced at the start of the week ended the week about 1 basis point weaker to 2 bps tighter, according to market sources.

Arizona Public Service Co.’s 3.35% senior notes due 2024 headed out 2 bps better, a trader said.

Oglethorpe Power Corp.’s 4.55% first mortgage bonds due 2044 ended the week 1 bp tighter, according to a trader.

Sempra Energy’s 3.55% senior notes due 2024 traded 1 bp wider from issuance, a trader said.

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