Light high-grade supply forecast; FirstEnergy notes tighten; Reckitt mixed; Whole Foods firms

By Cristal Cody

Tupelo, Miss., June 23 – High-grade bond market action slowed on Friday with light deal volume forecast for the rest of the month.

Syndicate sources expect about $15 billion of supply in the upcoming week.

More than $18 billion of bonds priced over the week, including a $140 million offering of 5% five-year senior notes announced on Friday by Corporate Capital Trust, Inc.

In the secondary market, FirstEnergy Corp.’s $3 billion of senior notes (Baa3/BB+/BBB-) that priced in three tranches on Monday were ending the week about 5 basis points to 10 bps tighter in the secondary market.

Reckitt Benckiser Treasury Services plc’s $7.75 billion of senior notes (A3/A-/) sold on Wednesday were mixed but mostly traded wrapped around issuance early Friday.

Also in secondary trading on Friday, Whole Foods Market Inc.’s 5.2% notes due Dec. 3, 2025 tightened about 10 bps.

Kroger Co.’s senior notes (Baa1/BBB/BBB) traded 1 bp to 2 bps softer during the session.

The Markit CDX North American Investment Grade index firmed about 1 bp to a spread of 60 bps.

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