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Morning Commentary: High-grade market primary action pulls back from early deal pace
By Devika Patel
Knoxville, Tenn., July 23 – Primary activity in the investment-grade bond market was sluggish on Thursday morning with no new deals announced or pricing.
Earlier in the week, however, the market saw several deals pricing.
On Monday, two new deals priced.
Wilsonville, Ore.-based FLIR Systems, Inc., a manufacturer of sensors and imaging systems, priced $500 million of 2.5% 10-year notes (Baa3/BBB/BBB) at a spread of 190 basis points over Treasuries, and Torrance, Calif.-based Toyota Motor Credit Corp., the funding arm of auto manufacturer Toyota, sold $750 million of 0.45% two-year Diversity and Inclusion notes (A1/A+/A+) at a spread of Treasuries plus 33 bps.
On Wednesday, Richardson, Tex.-based Lennox International Inc., a climate-control products company, priced $600 million of senior notes in two tranches due in five and seven years, and Zurich-based UBS Group AG, an investment bank and financial services company, announced it will sell $750 million of notes.
Also on Wednesday, Thessaloniki, Greece-based Black Sea Trade and Development Bank, a financial and development institution, priced a $150 million tap of its 3.5% notes due June 25, 2024 (A2/A-) at 103.71 to yield 225 bps over mid-swaps.
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