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AT&T reopens floaters; ING mixed; Southern California Edison eases; Goldman mostly unchanged
By Cristal Cody
Tupelo, Miss., March 24 – AT&T Inc. priced a $300 million add-on to its thee-year floating-rate notes on Friday as the sole reported issuer in the high-grade primary market.
Issuance slowed late in the week as focus shifted to whether healthcare reform would pass a House vote.
Deal action is expected to pick up in the week ahead from a backlog of issuers that stayed to the sidelines this week and from issuers wanting to price ahead of the Easter holiday, market sources said.
About $25 billion to $30 billion of supply is expected in the upcoming week.
The Markit CDX North American Investment Grade index tightened about 1 basis point to close on Friday at a spread of 67 bps.
In the secondary market, ING Groep NV’s $4 billion three-part offering of senior notes (Baa1/A-/A+) priced on Tuesday were mixed.
Southern California Edison Co.’s 4% series 2017A first and refunding mortgage bonds April 1, 2047 brought to market on Tuesday traded 3 bps weaker.
Goldman Sachs Group Inc.’s $2.5 billion two-part offering of notes (A3/A/) placed on Wednesday traded mostly flat.
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