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High-grade supply thins; Avolon, Ontario Teachers price; inflows decline
By Cristal Cody
Tupelo, Miss., Sept. 24 – Investment-grade primary market activity thinned on Thursday after heavy supply in the previous two sessions.
Avolon Holdings Funding Ltd. (Baa3/BBB-/BBB-) was the sole reported corporate issuer in the market over the day.
The company priced $650 million of guaranteed senior notes due Jan. 15, 2026.
Sovereign, supranational and agency supply continued with a $3 billion Rule 144A and Regulation S two-part sale of senior notes from Ontario Teachers’ Finance Trust (Aa1/AA+/) on Thursday.
The trust sold $1.5 billion of three-year notes and $1.5 billion of 10-year notes.
In other activity, Marathon Petroleum Corp. is holding a virtual roadshow and fixed income investor calls that began on Tuesday, a source said.
Corporate bond supply totals more than $34 billion week to date.
Elsewhere, high-grade corporate funds inflows declined to $4.16 billion for the past week ended Wednesday from $5.17 billion in the prior week and $6.54 billion in the week prior, according to Refinitive Lipper US Fund Flows.
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