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Citizens, Regions, American Tower, DTE, Entergy price; AT&T, Waste Management firm
By Cristal Cody
Eureka Springs, Ark., May 10 – Investment-grade primary action remained strong as expected over Tuesday’s session with new issuance from companies including Citizens Bank, NA, Regions Financial Corp., American Tower Corp., DTE Electric Co. and Entergy Mississippi Inc.
“It’s quieter than yesterday,” a syndicate source said following Monday’s whopping $25 billion of issuance.
Market expectations remain for $45 billion or more of volume for the week.
The Canadian market also expects to see continued issuance following two deals so far, including a C$1 billion maple bond offering of 10-year notes from New York-based Wells Fargo & Co. on Tuesday.
“Both deals we had this week went very well, so the market still has got plenty of demand, it’s just a matter of finding issuers,” a source said. “The [Canadian] banks are on the sidelines for now.”
Credit spreads improved on Tuesday. The Markit CDX North American Investment Grade series 23 index closed 4 basis points tighter at a spread of 80 bps.
In the secondary market, AT&T Inc.’s 4.125% senior notes due 2026 tightened 5 bps on Tuesday but traded weaker than where they came a week ago.
Waste Management, Inc.’s 2.4% senior notes due 2023 priced on Monday traded more than 20 bps better than issuance earlier in the session.
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