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Morning Commentary: Sterling Bancorp, Inter-American Development Bank to price notes
By Cristal Cody
Tupelo, Miss., Oct. 28 – High-grade supply is expected to include corporate and sovereign, supranational and agency issuance over Wednesday’s session, sources report.
Sterling Bancorp launched $200 million of fixed-to-floating rate subordinated notes due 2030 (Kroll: BBB) over the morning.
Also, the Inter-American Development Bank (Aaa/AAA) intends to bring $500 million of floating-rate global notes due Feb. 4, 2025 to the primary market on Wednesday.
Initial price talk is in the SOFR plus 27 basis points area.
The high-grade market saw heavier supply on Tuesday with more than $8 billion of corporate and SSA notes priced following one preferred stock deal on Monday.
About $15 billion of investment-grade issuance is anticipated this week, according to syndicate sources.
The financial markets opened under pressure as the number of Covid-19 infections rises in the United States and Europe.
The Dow Jones industrial average fell 2.85%, the S&P 500 dropped 2.78% and the Nasdaq declined 2.81% in early trading.
The Pimco Investment Grade Corporate Bond index was down 0.48% to $114.82 at the start of the day.
The iShares iBoxx Investment Grade Corporate Bond ETF softened 0.4% to $134.90.
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