High-grade primary quiets; Japan Agency markets bonds; steady supply eyed over earnings week

By Cristal Cody

Tupelo, Miss., July 10 – The high-grade primary market stayed fairly quiet on Friday with just one split-rated issuer pricing over the session.

Carpenter Technology Corp. sold $400 million of eight-year senior notes (Ba3/BBB-/) following marketing on Thursday.

In other action, Japan International Cooperation Agency held fixed income investor calls for an upcoming dollar-denominated registered offering of 10-year guaranteed bonds.

More than $17 billion of corporate high-grade bonds and nearly $19 billion of sovereign, supranational and agency notes were priced week to date.

About $20 billion to $25 billion of deal volume was expected for the week.

Looking ahead to next week, syndicate sources forecast about $15 billion to $20 billion of issuance with the potential for more.

Bank and financial earnings will be in focus over the week ahead with second quarter reports due from companies including JPMorgan Chase & Co., Wells Fargo & Co., Citigroup Inc. and Goldman Sachs Group Inc.

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