Owl Rock upsizes; steady deal supply forecast; AutoZone, Lowe’s mixed; inflows strong

By Cristal Cody

Tupelo, Miss., April 5 – High-grade issuers sold more than $15 billion of bonds over the week, compared to about $20 billion of supply forecast.

About $15 billion to $20 billion of high-grade supply is forecast for the week ahead.

In the primary market on Friday, Owl Rock Capital Corp. priced an upsized $400 million of five-year senior notes more than 12 basis points tighter than initial talk.

In the secondary market, bonds were mixed, according to market sources.

AutoZone, Inc.’s $750 million of senior notes (Baa1/BBB/BBB) priced in two parts on Thursday traded wrapped around issuance to about 2 bps softer.

Lowe's Cos., Inc.’s $3 billion of notes (Baa1/BBB+) priced in two parts on Wednesday were mixed.

Elsewhere, U.S. fund and ETF investors increased bond purchases for the past week ended April 3 to $8.95 billion, the second biggest inflow of the year and the seventh biggest on record, according to a BofA Merrill Lynch research report released on Friday.

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