Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers L > Headlines for Landeskreditbank Baden-Wurttemberg-Forderbank > News item |
BofA, Monsanto, L-Bank close volatile week; JPMorgan widens; Valspar better; bonds mixed
By Aleesia Forni and Cristal Cody
Virginia Beach, Jan. 16 – Bank of America Corp., Monsanto Co. and Landeskreditbank Baden-Wurttemberg-Forderbank (L-Bank) priced new deals on Friday, closing out a volatile week for high-grade bonds.
Bank of America priced $2.5 billion of subordinated notes, while L-Bank came to market with a $1 billion offering of notes due 2017, and Monsanto issued $365 million of 30-year bonds.
Friday’s uncharacteristically active session brings the week’s total supply to $32.95 billion, surpassing what was predicted to be a $30 billion week.
Meanwhile, Lipper reported inflows of $1.491 billion into corporate investment-grade bond funds for the week ended Jan. 14, down from last week’s inflows of $2.972 billion and bringing the year-to-date total inflows to $4.463 billion.
Investment-grade credit spreads improved, while corporate bonds were mixed on Friday ahead of the long holiday weekend, market sources said.
Bank of America’s new 4% notes due 2025 were not active in the secondary market, a trader said.
JPMorgan Chase & Co.’s paper (A3/A/A+) stayed weak following the company’s $6.15 billion two-tranche offering on Thursday, according to market sources.
Valspar Corp.’s senior notes (Baa2/BBB/) brought on Thursday tightened in secondary trading, according to a trader.
Bonds were mixed over the session, with bank paper slightly weaker in sympathy with the widening in JPMorgan’s paper, sources said.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.