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Market shows signs of indigestion; Merck, APT price; Bank, financial paper flat; Exxon weak
By Aleesia Forni and Cristal Cody
Virginia Beach, March 16 – The investment-grade bond market showed some “signs of indigestion” on Monday following the more than $119 billion of new issuance so far this month.
Merck KGaA came to market with a $4 billion five-part new issue, and APT Pipelines Ltd. upsized its new bond offering to $1.4 billion from $1.3 billion.
Hyundai Capital America sold $1 billion of notes in two parts.
And Campbell Soup Co. priced $300 million of 10-year senior notes in its first dollar offering in more than two years.
Despite the varied investor reaction to the day’s deals, market participants are expecting another active week for high-grade bonds, with around $25 billion to $30 billion of supply projected.
Sweden and Bank Nederlandse Gemeenten NV both announced plans to bring bond offerings to market later this week.
High-grade corporate bonds traded mostly flat to modestly tighter on the day, according to market sources.
The Markit CDX North American Investment Grade series 23 index firmed 1 basis point to a spread of 65 bps.
JPMorgan Chase & Co.’s 3.125% notes due 2025 traded flat over the session.
Bank of America Corp.’s 4% notes due 2025 were unchanged in secondary trading.
Goldman Sachs Group Inc.’s 3.5% senior notes due 2025 were flat.
Exxon Mobil Corp.’s senior notes (Aaa/AAA/) traded flat on the day but remain weaker than issuance.
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