Light high-grade supply forecast for week ahead; Macquarie, Unilever, Anheuser-Busch mixed

By Cristal Cody

Tupelo, Miss., March 23 – Investment-grade primary action stayed quiet on Friday with light supply expected over the upcoming holiday-shortened market week.

About $10 billion to $15 billion of volume is expected for the week ahead, according to syndicate sources.

The bonds markets are scheduled to close early on Thursday and be fully closed on March 30 for the Good Friday holiday.

In the secondary market on Friday, new issues priced over the week were mixed.

Macquarie Group Ltd.’s $1.75 billion of senior notes (A3/BBB/A-) priced in three tranches on Monday were mixed. The company’s floaters improved by more than 10 basis points, while the fixed-rate notes eased about 3 bps.

Unilever Capital Corp.’s $2.1 billion of guaranteed senior notes (A1/A+/A+) priced in four tranches on Monday traded flat to about 1 bp softer.

Anheuser-Busch InBev Worldwide Inc.’s $10 billion of senior notes priced in six tranches on Tuesday were mixed.

The Markit CDX North American Investment Grade 30 index eased about 3 bps during the session to a spread of 69 bps.

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