Corning, ANZ, Level 3, Nationwide, Kansas City, Edison, Genpact price; inflows lower

By Cristal Cody

Tupelo, Miss., Nov. 14 – Investment-grade bond supply on Thursday remained heavy with new issuance from Corning Inc., ANZ Banking Group Ltd., New York Branch, Level 3 Financing Inc., Nationwide Financial Services Inc., Kansas City Southern, Edison International, Genpact Luxembourg Sarl and Principal Life Global Funding II.

Meanwhile, Western Union Corp. (Baa2/BBB/BBB+) is holding a U.S. roadshow and fixed income investor calls that end Friday, according to market sources.

Also on Thursday, Equifax Inc. (Baa1/BBB+), last reported in the high-grade primary market in May 2018, held fixed income investor calls for a possible bond offering, a market source said.

Deal volume from the past three sessions totals about $48 billion, in line with the $45 billion to $50 billion of supply that was forecast for the holiday-shortened week, according to market sources.

In the secondary market, AbbVie Inc.’s $30 billion 10-tranche offering of bonds priced on Tuesday traded about 1 basis point to 10 bps better in trading, a source said.

Corporate investment-grade funds inflows were down slightly on the week ended Wednesday at $2.27 billion from $2.29 billion in the prior week, according to Lipper US Fund Flows.

The Markit CDX North American Investment Grade 33 index ended the day slightly tighter at a spread of 52.4 basis points.

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