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High-grade supply quiets on Fed focus; SBL deal ahead; RBS paper firms
By Cristal Cody
Tupelo, Miss., Oct. 30 – The investment-grade primary market stayed quiet on Wednesday after issuers had rushed to tap the primary market ahead of the Federal Reserve’s monetary policy decision.
More than $30 billion of investment-grade bonds and securities have priced week to date, outpacing syndicate forecasts of about $15 billion to $20 billion of supply for the entire week.
The Federal Reserve announced on Wednesday a rate cut of 25 basis points to lower the target range for the federal funds rate to 1½% to 1¾%.
The Markit CDX North American Investment Grade 33 index eased less than 1 bp to close the day at a spread of 54.5 bps.
More than $17 billion of bonds were priced on Tuesday.
Looking ahead, an offering from SBL Holdings LLC is expected after the company completed a round of fixed income investor calls on Tuesday.
In the secondary market, new issues were mixed and traded mostly wrapped around issuance to slightly tighter, sources report.
Royal Bank of Scotland Group plc’s $750 million of split-rated fixed-to-fixed-rate reset subordinated notes due Nov. 1, 2029 priced in the previous session was among the exceptions and firmed about 10 bps, a source said.
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