High-grade primary quiet ahead of election; thin supply eyed

By Cristal Cody

Tupelo, Miss., Nov. 2 – The high-grade primary market stayed quiet over Monday’s session with focus this week on the U.S. presidential election, the Federal Reserve’s two-day monetary policy meeting and the October jobs report.

Swedish Export Credit plans to price $600 million of 0.25% notes due May 10, 2022 in an offering expected to close on Thursday.

In other primary activity, the Bush Foundation joins the list of high-grade issuers bringing social bond deals this year with a $100 million offering of taxable social bonds due Oct. 1, 2050 (Aaa).

Issuers including Citigroup Inc., Bank of America Corp., the Ford Foundation and Caisse d'Amortissement de la Dette Sociale have priced social bonds year to date.

Anywhere from zero to about $10 billion of investment-grade supply is anticipated this week, according to syndicate sources.

November supply is forecast to total about $50 billion to $75 billion for the month.

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