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Morning Commentary: High-grade volume quiet after strong week; Mid-America gives update
By Cristal Cody
Tupelo, Miss., July 31 – The investment-grade primary market quieted early Friday following better-than-expected deal volume over the week.
Nearly $25 billion of investment-grade bonds were priced over the first four sessions, beating market forecasts of about $10 billion to $15 billion of supply this week.
In other activity on Friday, Mid-America Apartments, LP (Baa1/BBB+/BBB+) is holding a virtual roadshow and fixed income investor calls, a source said.
Citigroup Global Markets Inc., Jefferies LLC, J.P. Morgan Securities LLC, U.S. Bancorp Investments, Inc. and Wells Fargo Securities LLC are the arrangers.
Mid-America Apartments was last in the high-grade primary market on Nov. 18, 2019 when it sold $300 million of 2.75% senior notes due March 15, 2030.
On Thursday, Washington Real Estate Investment Trust (Baa2/BBB) held fixed income investor calls with possible issuance to follow, sources said.
Meanwhile, U.S. investment-grade bond fund and ETF inflows remained high at $9.03 billion for the past week ended Wednesday following a $9.42 billion inflow in the prior week, according to a BofA Securities, Inc. research note released on Friday.
High-grade fund inflows rose to $5.42 billion from $4.69 billion in the week earlier.
Short-term high-grade inflows increased to $3.28 billion this past week from $2.45 billion, while excluding short-term securities, flows fell to $5.76 billion from $6.97 billion.
ETF inflows also declined to $3.61 billion from $4.73 billion in the prior week.
Corporate fund inflows were up this past week at $7.9 billion from $7.75 billion in the previous week, according to Refinitive Lipper US Fund Flows.
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