Lighter pre-holiday high-grade supply eyed; Takeda markets deal

By Cristal Cody

Tupelo, Miss., June 26 – Investment-grade market action quieted on Friday, capping off a week of about $23 billion of new issuance.

Deal volume is expected to thin to about $10 billion to $15 billion over the upcoming short market week ahead of the Independence Day holiday break, sources report.

Takeda Pharmaceutical Co., Ltd. (Baa2/BBB+/) continued marketing on Friday for four tranches of registered dollar-denominated senior notes and euro-denominated bonds, a source said. Marketing began Thursday for the dollar-denominated 10-, 20-, 30- and 40-year tranches with pricing anticipated in the week ahead.

Equitable Holdings, Inc. subsidiary Equitable Financial Life Insurance Co. (A2/A+) also remains in the deal pipeline after the company held fixed income investor calls on Wednesday for an inaugural offering of notes.

Elsewhere, investment-grade bond fund and ETF inflows posted the second highest total on record for the past week ended Wednesday, according to a BofA Securities, Inc. research note released on Friday.

Flows rebounded to $12.83 billion from $5.98 billion a week earlier.

ETF inflows rose to $6.6 billion from $3.8 billion in the previous week, and fund inflows climbed to $6.23 billion from $2.81 billion a week earlier.

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