Everything seen trading wider in investment grade at week's end; new deals scarce

By Andrea Heisinger

Omaha, July 27 - Everything in the investment grade market was trading wider Friday, according to a market source.

Brokerage bonds, which took a beating right off the bat Thursday when trading began, were about 15 basis points wider Friday morning, the source said, but by afternoon were "kind of settling in."

There was nothing new entering the market, according to the source, who said it was more of the same from the rest of the week that was generally slow.

Although there were deals that priced during the five days, Tyco Electronics pulled a $1.5 billion two-tranche deal due to market conditions Thursday after the overall market faltered.

Deals that did succeed in coming to market included Kimberly-Clark Corp.'s $2.1 billion issuance of senior notes (A2/A+) in three tranches, after a last minute revision of price talk.

JP Morgan & Co. priced a $350 million issuance of 40-year capital securities (Aa3/AA+), Comerica Inc. priced its $150 million in three-year floating rate senior notes (A2/A) and Honeywell International Inc. issued $900 million of senior notes (A2/A) in two tranches.

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