State Street, Ingram, NY Life price amid volatility; State Street firms; spreads ease

By Aleesia Forni and Cristal Cody

Virginia Beach, Dec. 10 – State Street Corp., Ingram Micro Inc., New York Life Global Funding and United Parcel Service, Inc. braved a rocky session for investment-grade bonds, bringing roughly $2.24 billion of new issuance to the primary.

State Street came to market with a $1 billion offering of notes.

There was also an upsized $500 million offering of notes priced by Ingram Micro.

New York Life sold $650 million of three-year notes, while UPS priced roughly $90 million of 50-year floating-rate notes.

The investment-grade primary has seen $5.99 billion of new issuance price so far this week.

The market still has some ground to cover to reach what was predicted to be around a $15 billion week.

Investment-grade credit spreads weakened over the day, while bonds were mixed, market sources said.

The Markit CDX North American Investment Grade series 23 index widened 3 basis points to a spread of 68 bps on Wednesday.

Canadian high-grade corporate bond issuers have stayed on the sidelines over the past three sessions, according to market sources.

In new issue secondary trading, State Street’s 3.3% notes due 2024 firmed 1 bp, a trader said.

Ingram Micro’s 4.95% notes due 2024 were wrapped around issuance as the session closed, a trader said.

New York Life Global Funding’s new 1.45% notes due 2017 eased 2 bps in the secondary market, a trader said.

© 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.