Light supply eyed for holiday week; Intel, Dominion Energy soft; AbbVie firms

By Cristal Cody

Tupelo, Miss., Nov. 22 – The investment-grade primary market stayed quiet on Friday with volume expected to thin in the upcoming Thanksgiving Day holiday week.

This week, investment-grade and split-rated bond supply totaled more than $26 billion.

Syndicate sources forecast zero to about $5 billion of deal volume in the week ahead.

The bond markets will be closed Thursday and will close early at 2 p.m. ET on Nov. 29 for the holiday.

The Markit CDX North American Investment Grade 33 index ended Friday more than 1 basis point tighter at a spread of 51.5 bps.

In the secondary market, bonds were mixed going out ahead of the weekend.

Intel Corp.’s 2.45% senior notes due Nov. 15, 2029 that priced Monday were flat on the day but seen about 2 bps softer than issuance.

Dominion Energy Gas Holdings, LLC’s 3% senior notes due Nov. 15, 2029 brought at the start of the week firmed about 1 bp over the session but traded more than 5 bps wider than issuance.

Meanwhile, AbbVie Inc.’s $5.5 billion of 3.2% notes due Nov. 21, 2029 priced as part of a $30 billion 10-tranche deal in the previous week tightened more than 5 bps during the session.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.