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High-grade issuers deluge primary; CVS, Home Depot, Nvidia, financials price; outflows heavy
By Cristal Cody
Tupelo, Miss., March 26 – Investment-grade issuers flooded the primary market with more than $35 billion of supply over Thursday’s session on the heels of stimulus measures to help U.S. businesses and residents affected by the coronavirus.
The deals push week-to-date supply to more than $98 billion.
The Federal Reserve announced earlier in the week it will buy high-grade corporate bonds to improve liquidity.
Issuers on Thursday included Nvidia Corp., Home Depot Inc., CVS Health Corp., Target Corp., CSX Corp., Weyerhaeuser Co., Entergy Louisiana LLC, Huntington Ingalls Industries, Inc., Weyerhaeuser Co., AutoZone, Inc., Consolidated Edison Co. of New York, Inc. and Northwest Natural Gas Co.
Financial supply was strong with new issuance from Goldman Sachs Group Inc., Morgan Stanley, Wells Fargo & Co., State Street Corp., Standard Chartered plc, Raymond James Financial, Inc. and American Financial Group, Inc.
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