Strong high-grade issuance forecast; DowDuPont in pipeline; ING eases; Volkswagen mixed

By Cristal Cody

Tupelo, Miss., Nov. 9 – The high-grade primary market remained quiet on Friday ahead of the long holiday weekend and what is predicted to be a heavy upcoming volume week.

The bonds markets will be closed Monday for the Veterans Day holiday.

About $25 billion to $30 billion of issuance is expected by market sources for the week ahead.

DowDuPont Inc. plans to hold fixed-income investor calls next week for a $12 billion bond deal.

Investment-grade supply this week came in line with syndicate forecasts of about $15 billion to $20 billion of issuance with nearly $23 billion of corporate bonds priced through Thursday.

In the secondary market, ING Groep NV’s $1.25 billion of 4.625% green senior notes due Jan. 6, 2026 that came on Thursday eased about 2 basis points.

Volkswagen Group of America Finance LLC’s $8 billion of notes priced in seven tranches on Wednesday were mixed with the short-dated notes tighter.

In other secondary trading, Amazon.com, Inc.’s $3.5 billion of 3.15% notes due Aug. 22, 2027 (A3/AA-/) eased about 1 bp to 75 bps bid on Friday, according to a market source.

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