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Morning Commentary: Investment-grade primary market quiets; AT&T, Time Warner notes soften
By Cristal Cody
Tupelo, Miss., March 23 – Investment-grade primary action stayed quiet over the morning on Friday with no reported issuers.
Supply picked up on Thursday with new bonds from issuers including Assurant, Inc., Prudential Financial, Inc., Brown-Forman Corp. and Mississippi Power Co.
Volume week to date totals nearly $30 billion, better than the $20 billion range market sources had expected for the week.
Elsewhere, high-grade secondary trading volume climbed to $20.46 billion on Thursday. Earlier in the week, trading volume included $15.99 billion of issues on Wednesday, $18.7 billion of issues on Tuesday and $15.33 billion of issues on Monday, according to Trace data.
AT&T Inc.’s bonds (Baa1/BBB+/A-) were moderately active in the secondary market at the start of Friday’s session, a source said.
On Thursday, opening arguments began in the Justice Department’s antitrust lawsuit to block AT&T’s $85.4 billion cash and stock acquisition of Time Warner Inc.
AT&T’s 3.9% notes due Aug. 14, 2027 (Baa1/BBB+/A-) softened to 100.12 from where the bonds went out on Thursday at 100.21.
The Dallas-based telecommunications company sold $5 billion of the notes on July 27, 2017 at 99.827 to yield 3.92% and a spread of 160 bps over Treasuries.
Time Warner’s 2.95% notes due July 15, 2026 (Baa2/BBB/BBB+) weakened to 91.04 in thin early secondary trading, the source said. The notes last traded on Thursday at 92.56.
The New York-based media and entertainment company sold $800 million of the notes on May 5, 2016 at 98.70 to yield 3.1%, or a spread of Treasuries plus 135 bps.
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