Primary activity forecast strong for week ahead; Thermo Fisher tightens; Anheuser-Busch eases

By Cristal Cody

Eureka Springs, Ark., May 27 – Investment-grade market action stayed fairly quiet on Friday with most participants headed out early for the three-day holiday weekend.

The bond markets closed at 2 p.m. ET on Friday and will be closed on Monday for the Memorial Day holiday.

Primary activity is expected to be solid in the upcoming short week with as much as $30 billion estimated to price, according to a market source.

High-grade issuers have priced more than $196 billion of bonds so far in May, a new monthly record that surpasses the record $192.14 billion priced in September 2013, a market source reports. Prospect News’ data is slightly different but tells a similar story: $159.90 billion so far in May, beating the previous record of $159.76 billion in March 2015.

The Markit CDX North American Investment Grade index headed out at the market close modestly tighter at a spread of 77 basis points.

Thermo Fisher Scientific Inc.’s 3% notes due 2023 traded 3 bps better on Friday and are trading more than 50 bps tighter than where the bonds priced in April.

Anheuser Busch InBev Finance Inc.’s 3.65% notes due 2026 traded 4 bps to 5 bps weaker over the day.

Wells Fargo Bank NA’s new 1.75% notes due 2019 were quoted nearly 15 bps tighter than where the paper priced on Wednesday earlier in the session.

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