Morning Commentary: Holiday deal action thin; Vulcan Materials, Snap-on to tap primary market

By Cristal Cody

Tupelo, Miss., Feb. 20 – Some pricing action is expected in the high-grade bond market over the short market week, including from two issuers that announced deals early Tuesday.

The bond markets were closed on Monday for the Presidents Day holiday in the United States.

The Chinese markets remain closed for the Lunar New Year holiday.

About $15 billion to $20 billion of U.S. investment-grade bond volume is forecast by market sources for the week.

Vulcan Materials Co. is marketing three-year floating-rate notes.

Snap-on Inc. also plans to tap the primary market with an offering of notes.

Elsewhere, the three-month Libor was up 1 basis point to 1.88% on Tuesday, according to a market source.

In the secondary market in the pre-holiday session on Friday, $14.16 billion of bonds were traded, Trace reported.

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