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Investment-grade primary quiet; bank, financial paper firms; Amazon.com, Kroger unchanged
By Cristal Cody
Tupelo, Miss., Aug. 25 – Investment-grade bond market activity slowed on Friday with no issuance reported during the session.
Corporate and SSA issuers priced about $13.55 billion of bonds over the week.
Market focus early on Friday was on Federal Reserve Chairman Janet Yellen’s Jackson Hole, Wyo., speech at the annual central bank symposium.
The Markit CDX North American Investment Grade index closed the day slightly tighter at a spread of 59.7 basis points.
In the secondary market, bank and financial paper traded mostly better on Friday.
Barclays’ notes were seen about 1 bp to 6 bps tighter.
HSBC Holdings plc’s paper firmed about 3 bps. HSBC Holdings’ 4.3% notes due 2026 firmed on Friday to 113 bps bid, a market source said.
Grocery retail bonds were mostly steady on the day ahead of Amazon.com, Inc.’s $13.7 billion cash acquisition of Whole Foods Markets Inc. expected to close on Monday.
Amazon.com’s 3.15% notes due Aug. 22, 2027 priced in a $16 billion seven-tranche deal on Aug. 15 were flat. The 3.15% notes traded at 87 bps bid, according to a market source.
Whole Foods’ 5.2% notes due Dec. 3, 2025 tightened 5 bps. The 5.2% notes traded 5 bps better from the previous session at 81 bps bid on Friday, according to a market source.
Kroger Co.’s 3.7% notes due 2027 headed out unchanged.
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