Morning Commentary: Corporate supply quiets ahead of Fed; Nordic Investment Bank offers notes

By Cristal Cody

Tupelo, Miss., March 21 – High-grade primary action stayed mostly quiet at the start of Wednesday’s session with most of market focus on the Federal Reserve’s rate decision expected later in the day.

Nordic Investment Bank (Aaa/AAA) is marketing two-year notes that were initially talked to price with a spread in the mid-swaps minus 6 basis points area.

BofA Merrill Lynch, RBC Capital Markets LLC and TD Securities (USA) LLC are the bookrunners.

Otherwise, no reported corporate issuers were marketing bonds over the morning after strong volume on Tuesday included Anheuser-Busch InBev Worldwide Inc.’s $10 billion issuance of bonds.

The Federal Reserve is expected by market sources to raise rates by 25 basis points following the end of the two-day monetary policy meeting on Wednesday.

Elsewhere in the secondary market, $18.7 billion of bonds were traded on Tuesday, up from $15.33 billion on Monday, according to Trace data.

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