High-grade supply remains thin ahead of upcoming Labor Day weekend

By Devika Patel

Knoxville, Tenn., Aug. 30 – Primary activity in the investment-grade bond market stayed quiet throughout Friday with no new deals announced or pricing.

Deals were halted largely due to the upcoming extended Labor Day weekend in the United States in which markets will be closed on Sept. 2.

The week, however, had several deals announced, many of which emerged from non-U.S. issuers.

On Monday, Dallas-based Texas Instruments Inc., a semiconductor designer and manufacturer, sold $750 million of 10-year 2.25% notes.

Then, on Tuesday, Beazley Insurance DAC, a subsidiary of Beazley Group Ltd., the Dublin-based parent company of specialist insurance businesses, said it plans to conduct fixed-income investor meetings in Singapore, Hong Kong and London for an offering of 10-year subordinated tier 2 notes, which will be denominated in either pounds sterling or U.S. dollars.

On Wednesday, Kirchberg, Luxembourg-based European Investment Bank, the lender for the European Union, reported that it is selling $3 billion of 1.375% notes due Sept. 6, 2022.

Finally, on Thursday, The Hague, Netherlands-based bank BNG Bank NV said it will conduct a dollar-denominated Rule 144A and Regulation S sale of benchmark notes and New York-based investment banking and securities firm Jefferies Group LLC sold $75 million of 5% senior notes due Aug. 31, 2039.

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