High-grade corporate issuers skip holiday week; Panasonic starts roadshow; inflows decline

By Cristal Cody

Tupelo, Miss., July 5 – The high-grade bond market remained quiet Friday, reopening after the Independence Day holiday with zero corporate supply week to date.

Panasonic Corp. (A3/A-/BBB) started a global roadshow on Friday in the U.S., Europe and Asia markets for a Rule 144A and Regulation S dollar-denominated note offering, according to a market source.

BofA Securities, Inc., Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC are the arrangers.

Week to date, corporate issuers have stayed out of the primary market, while two deals priced on Wednesday from Fannie Mae and KfW.

Fannie Mae sold $2 billion of 1.75% Benchmark Notes due July 2, 2024 at 99.621 to yield 1.83%.

KfW priced a $4 billion registered offering of three-year guaranteed global notes tighter than initial talk.

On Friday, Lipper US Fund Flows reported corporate investment-grade funds had inflows of $1.76 billion for the week ended Wednesday, compared to $3.24 billion of inflows in the prior week and $3.65 billion a week earlier.

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