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Omers taps primary; Bristol-Myers deal on horizon; corporate inflows jump; Walmart soft
By Cristal Cody
Tupelo, Miss., April 25 – Omers Finance Trust priced $1.25 billion of five-year medium-term notes in a Rule 144A and Regulation S offering on Thursday following fixed-income investor calls earlier in the week.
Otherwise, market action was light with no reported high-grade issuers registered with the Securities and Exchange Commission.
Lipper US Fund Flows on Thursday reported corporate investment-grade fund inflows climbed to $5.86 billion for the week ended April 24. The total is the second largest inflow on record, a source said.
Corporate high-grade fund inflows totaled $2.31 billion in the week ended April 17, $3.47 billion in the previous week and $2.9 billion in the prior week.
Meanwhile, a major bond offering from Bristol-Myers Squibb Co. is expected on the horizon to fund its acquisition of Celgene Corp. with a deal being pegged in the $10 billion to $15 billion range.
High-grade supply has been light over the week with just over $6 billion of corporate bonds priced. Deal volume has thinned among a slew of corporate earnings releases in April.
The Markit CDX North American Investment Grade 32 index ended modestly weaker at a spread of 58 basis points.
In the secondary market, Walmart Inc.’s 3.25% notes due July 8, 2029 (Aa2/AA/AA) were quoted going out at 68 bps bid.
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