Morning Commentary: High-grade primary market opens week with muted forward calendar

By Devika Patel

Knoxville, Tenn., July 20 – Primary activity in the investment-grade bond market was quiet as the week began, with only one new deal launched on Monday morning.

Wilsonville, Ore.-based FLIR Systems, Inc., a manufacturer of sensors and imaging systems, reported that it is selling notes.

BofA Securities Inc. and J.P. Morgan Securities LLC are the bookrunners.

Proceeds will be used to redeem all $425 million of the company’s 3.125% senior notes due June 15, 2021 and for general corporate purposes.

As previously reported, bond issuances may slow as the summer progresses, a Morgan Stanley executive said last week.

“After unprecedented levels of capital raising, issuance levels are likely to slow as we enter the summer,” chief financial officer Jonathan Pruzan said on the company’s second-quarter earnings conference call on July 16.

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