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Morning Commentary: High-grade issuers Eli Lilly, Texas Instruments in Friday pipeline
By Cristal Cody
Tupelo, Miss., April 24 – Investment-grade issuers continued to remain busy on Friday with several new bonds offered in the primary market.
Eli Lilly & Co. is marketing fixed-rate senior notes (A2/A+/A) in a registered offering.
Texas Instruments Inc. also plans to sell registered fixed-rate notes (A1/A+/A+) on Friday.
In addition, First Financial Bancorp is offering registered 10-year fixed-to-floating rate subordinated notes (Kroll: BBB).
High-grade deal volume totals more than $33 billion week to date after more than $17 billion of corporate bonds priced on Thursday in one of the busiest sessions of the week.
About $40 billion to as much as $60 billion of volume was expected by market participants this week.
Meanwhile, inflows to U.S. investment-grade bond funds and ETFs totaled $3.89 billion for the past week ended Wednesday, down from $6.48 billion of inflows in the prior week, according to a BofA Securities, Inc. research note released Friday.
The decline in inflows was driven by weaker inflows to the short-term space to $570 million from $1.95 billion a week earlier, weaker flows to high-grade excluding short-term of $3.32 billion from $4.53 billion in the previous week and weaker inflows to high-grade ETFs of $1.92 billion from $5.69 billion a week ago.
Meanwhile, inflows to high-grade bond funds increased to $1.97 billion from $800 million in the previous week, according to the BofA report.
High-grade ETFs softened at the start of Friday’s session.
The iShares iBoxx Investment Grade Corporate Bond ETF dipped 0.35% to 129.54.
The Pimco Investment Grade Corporate Bond Index ETF declined 0.25% to 110.15 early Friday.
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