Morning Commentary: Investment-grade primary action silent on Friday despite busy week

By Devika Patel

Knoxville, Tenn., Oct. 12 – The high-grade bond market saw no activity over the morning on Friday, with no new deals announced or pricing.

The week, however, brought a reported seven new issues to market, despite a slow start on Monday.

On Tuesday, the financing arm of Moline, Ill.-based farm equipment supplier Deere & Co., John Deere Capital Corp., launched $850 million of two-year floating-rate notes and $500 million of 3.65% five-year fixed-rate notes.

Also Tuesday, Newark, Del., electric company Atlantic City Electric Co. sold $350 million of 4% 10-year first mortgage bonds.

On Wednesday, Frankfurt-based government-backed bank KfW launched $4 billion of 3.125% global notes due Dec. 15, 2021.

Canada’s Province of Ontario priced $2.5 billion of 3.4% five-year bonds on Wednesday as well.

Calgary, Alta., natural gas and oil pipeline and storage company TransCanada Pipelines Ltd. sold $1.4 billion of notes, including a $400 million add-on to its 4.25% senior notes due May 15, 2028, also on Wednesday.

On Thursday, Tokyo-based banking and financial company Sumitomo Mitsui Financial Group Inc. priced $2.5 billion of senior notes in three tranches.

Also, Washington, D.C.-based funding provider Federal Home Loan Bank System priced $3 billion of three-year 3% Global notes.

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