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Morning Commentary: AIG, Unilever market multi-tranche deals; light weekly volume forecast
By Cristal Cody
Tupelo, Miss., March 19 – A handful of investment-grade issuers announced plans early Monday to price new securities.
Overall supply for the week is expected by syndicate sources to be light in the $20 billion area due in part to the Federal Reserve’s mid-week monetary policy meeting.
The Federal Reserve will start the two-day meeting on Tuesday, and market sources widely expect a rate hike of 25 basis points.
In the new supply ahead, American International Group, Inc. is marketing two tranches of fixed-rate notes and one tranche of fixed-to-floating rate subordinated debentures.
Unilever Capital Corp. is offering four tranches of guaranteed senior notes.
HSBC Holdings plc also announced plans for a securities deal.
Volume was light in the previous week with less than $22 billion of supply.
Elsewhere early Monday, the three-month Libor was reported at 2.2%, up 2 bps from Friday.
Investment-grade secondary trading ended Friday with $16.18 billion of volume, Trace reported.
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