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Winter storm hampers primary market; World Bank, European Bank price; Verizon improves
By Cristal Cody
Tupelo, Miss., March 14 – A winter snowstorm that hit the Northeast impacted the financial markets on Tuesday and kept most issuers at bay.
The Ford Foundation postponed its $280 million offering of 30-year bonds scheduled to price on Tuesday until later in the week.
The International Bank for Reconstruction and Development tapped the primary market with a $4 billion sale of three-year global notes.
The European Bank for Reconstruction and Development also sold $500 million of three-year floating-rate global notes on Tuesday.
With the Federal Reserve’s monetary policy announcement set for release on Wednesday, little primary activity is expected in the upcoming session, sources report.
About $25 billion to $30 billion of bond volume was expected for the week.
Hanmi Financial Corp. announced plans on Tuesday to price an offering of 10-year fixed-to-floating-rate subordinated notes.
Also, International Finance Corp. is in the near-term deal pipeline with $500 million of three-year notes.
The Markit CDX North American Investment Grade index widened about 1 basis point on Tuesday to end at a spread of 66 bps.
In the secondary market, Verizon Communications Inc.’s new and existing bonds (Baa1/BBB+/A-) traded slightly better over the session.
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