High-grade supply quiets; inflows decline; IHS Markit tightens; telecom bonds improve

By Cristal Cody

Tupelo, Miss., Aug. 22 – The investment-grade market stayed quiet on Thursday with no reported deals pricing in the primary market.

Week to date, corporate issuers have priced $9.65 billion of bonds, in line with the $10 billion of supply forecast for the week.

The Markit CDX North American Investment Grade 32 index was mostly unchanged on the day at a spread of 55 basis points.

On Thursday, Lipper US Fund Flows reported corporate investment-grade fund inflows of $2.05 billion for the week ended Wednesday, compared to $4.03 billion of inflows in the previous week.

In the secondary market, new issues traded mostly better, a source said.

IHS Markit Ltd.’s 4.25% senior notes due May 1, 2029 (Ba1/BBB-/BBB) that were reopened on Wednesday tightened 10 bps.

Looking at the telecommunications sector, bonds were mostly better on the day.

AT&T Inc.’s 4.35% notes due March 1, 2029 firmed nearly 3 bps on Thursday.

Verizon Communications Inc.’s 3.875% green senior notes due Feb. 8, 2029 tightened 5 bps.

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