Post-election primary quiet; BNG plans deal; Duke Energy firms; AT&T, Time Warner flat

By Cristal Cody

Eureka Springs, Ark., Nov. 9 – Investment-grade market action slowed on Wednesday as investors and traders took in a Donald Trump presidency with bonds ending the day flat to better.

Bank Nederlandse Gemeenten NV mandated three bookrunners to arrange fixed-income investor calls for a potential dollar offering of sustainability bonds, according to a market source.

BNP Paribas Securities Corp., HSBC Securities (USA) Inc. and TD Securities (USA) LLC will arrange the calls for the Rule 144A/Regulation S transaction.

Market action was mixed over the day.

Stocks gained. The Dow Jones industrial average and the S&P 500 index both closed up more than 1%.

Treasuries remained down. The 10-year note yield was up to 2.04% on Wednesday from 1.84% in the previous session.

The Markit CDX North American Investment Grade index tightened 2 basis points to close at a spread of 74 bps.

Duke Energy Corp.’s 2.65% senior notes due 2026 traded about 6 bps better during the session.

Bonds from AT&T Inc. and Time Warner Inc. were mostly flat on the day.

Deutsche Bank AG’s 4.25% notes due 2021 traded about 2 bps better earlier in the day.

“The markets have taken the events in stride,” Michelle Meyer, head of U.S. economics at BofA Merrill Lynch, said on a post-election media conference call on Wednesday. “The outcome of the election possibly makes a Fed hike in December a little more challenging.”

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