FHLBank, KfW, Quebec sell bonds; corporates quiet; high-grade inflows continue

By Cristal Cody

Tupelo, Miss., Feb. 14 – Investment-grade corporate issuers were quiet on Thursday following more than $38 billion of volume in the first three sessions.

FHLBank System priced $1.25 billion of five-year Global Notes at the start of the session.

Two issuers priced Canadian dollar-denominated deals that were registered with the Securities and Exchange Commission on Thursday.

KfW sold C$1 billion of three-year global notes.

Quebec priced C$800 million of five-year global notes.

Otherwise, investment-grade market activity was mostly quiet after corporate issuers priced nearly $12 billion of bonds on Wednesday.

Supply this week has included a $5 billion two-part offering from AT&T Inc. on Wednesday and Altria Group Inc.’s $11.5 billion seven-part transaction on Tuesday.

Despite the holiday-shortened week ahead, a busy deal pace is expected, one source said.

The bond markets will be closed on Monday for Presidents Day.

For the week ended Feb. 13, Lipper US Fund Flows reported inflows of $1.89 billion for corporate investment-grade funds. This followed inflows of $2.67 billion in the previous week and $34 million in the week before that.

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