Thin high-grade market action likely for rest of year; Dominion Gas eases

By Cristal Cody

Tupelo, Miss., Dec. 17 – The investment-grade bond market continued to remain mostly quiet on Tuesday.

No reported issuers offered bonds and little volume is expected for the rest of the year, market sources report.

Dollar-denominated high-grade issuers stayed out of the primary market on Monday and Tuesday, while one issuer priced a preferred offering over Tuesday’s session.

Gabelli Multimedia Trust Inc. priced $50 million of 5.125% $25-par preferred shares in an offering upsized from $25 million, a source said.

This week is forecast to see zero bond deal volume up to about $5 billion of supply, syndicate sources said.

In the secondary market, energy bonds were mixed over the session.

Dominion Energy Gas Holdings, LLC’s 3% senior notes due Nov. 15, 2029 eased about 2 bps on Tuesday but have improved about 6 bps from a week ago.

In other secondary trading, Charter Communications, Inc.’s 4.8% senior secured notes due March 1, 2050 reopened earlier in December were seen about 2 bps better on Tuesday.

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