Morning Commentary: Primary action thins; Export Development Canada to price; Kroger softens

By Cristal Cody

Tupelo, Miss., Aug. 28 – The high-grade bond market opened with little activity on Monday.

No reported U.S. issuers were in the deal pipeline.

Export Development Canada intends to price a Securities and Exchange Commission-registered Canadian dollar-denominated offering of bonds.

Market activity is expected to be thin until after the upcoming Labor Day holiday and long weekend.

The bond markets are not scheduled to close early on Friday.

In other activity, Amazon.com, Inc.’s $13.7 billion cash acquisition of Whole Foods Markets Inc. closed on Monday.

In the secondary market, grocery retail competitor Kroger Co.’s 3.7% senior notes due Aug. 1, 2027 (Baa1/BBB/BBB) opened a dime lower at 100.26, a market source said.

The Cincinnati-based grocer sold $600 million of the notes on July 17 at 99.941 to yield 3.707% and a Treasuries plus 140 basis points spread.

Secondary trading volume on Friday totaled $8.32 billion, Trace reported.

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