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High-grade supply quiet as week opens; busy deal pace forecast; Ontario Teachers plans issues
By Cristal Cody
Tupelo, Miss., Sept. 21 – Investment-grade issuers stood down on Monday with no reported supply, though issuance is expected to be steady over the week.
Market participants anticipate about $30 billion to $35 billion of deal volume this week, syndicate sources said.
Last week, more than $40 billion of high-grade bonds were brought to the primary market.
Market tone was soft at the open on Monday and remained weak over the day with stocks down across the board. The Dow Jones industrial average declined 2.74% over the morning before settling down 1.84% by the close.
The iShares iBoxx Investment Grade Corporate Bond ETF edged down 0.1% to 135.6.
The PIMCO Investment Grade Corporate Bond index finished off 0.08% at 115.5.
The Markit CDX North American Investment Grade index rolled to a new 35 series on Monday. The index closed the day at a spread of 52.55 basis points.
Meanwhile, a deal is expected from Ontario Teachers’ Finance Trust (Aa1/AA+/) following fixed income investor calls for a Rule 144A and Regulation S two-part offering of senior notes, according to a market source.
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