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High-grade supply thins; Barclays, Fresenius, Ontario, National Bank price; inflows increase
By Cristal Cody
Tupelo, Miss., June 13 – High-grade primary action slowed on Thursday after a week of strong issuance that beat market forecasts.
Barclays plc priced $1.5 billion of split-rated fixed-to-floating-rate subordinated notes due 2030.
Fresenius Medical US Finance III Inc. came by with $500 million of 10-year senior notes.
The Province of Ontario brought $1.75 billion of seven-year registered global notes to the primary market on top of guidance.
National Bank of Canada sold $1 billion of three-year covered bonds.
Week to date, high-grade corporate deal volume totals more than $28 billion and includes about $6 billion of supply on Wednesday, more than $4 billion of issuance on Tuesday and over $17 billion of volume on Monday.
Sovereign, supranational and agency supply totals nearly $10 billion week to date.
About $20 billion to $25 billion of issuance was expected by syndicate sources for the week.
Deal volume has been led by Fiserv, Inc.’s $9 billion four-part offering of senior notes that priced Monday.
Inflows improved in corporate investment-grade funds to $4.02 billion for the week ended Wednesday from $924 million in the previous week, Lipper US Fund Flows said on Thursday.
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