Primary action slows; Myriad prices; Walgreens firms; General Motors Financial tightens

By Cristal Cody

Tupelo, Miss., June 29 – Primary activity slowed on Thursday with one investment-grade bond deal priced and little volume expected until after the Fourth of July holiday.

Myriad International Holdings BV tapped the primary market with a $1 billion offering of 10-year senior notes.

Syndicate desks are expected to be thinly staffed on Friday with bond markets set to close early on Monday and stay closed on Tuesday for the holiday, a source said.

About $5 billion to $10 billion of supply is expected by market sources in the upcoming week and about $80 billion total of bond issuance forecast for July.

In other market activity on Thursday, the three-month Libor yield set the highest yield since March 2009 at 1.298%, a source said.

The Markit CDX North American Investment Grade index closed the day about 2 basis points softer at a spread of 62 bps.

Walgreens Boots Alliance Inc.’s notes (Baa2/BBB/) traded about 1 bp to 2 bps tighter over the day following the company’s announcement it would abandon its plan to acquire Rite Aid Corp. and instead purchase 2,186 of Rite Aid’s stores.

New issues priced earlier in the week traded mostly better in the secondary market on Thursday.

General Motors Financial Co. Inc.’s $2.25 billion of senior notes priced on Tuesday in three tranches tightened about 6 bps to 13 bps.

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