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Primary wraps $49 billion week; pace to continue next week; energy, oil bonds mostly unchanged
By Aleesia Forni and Cristal Cody
Virginia Beach, July 17 – The investment-grade bond market was quiet on Friday to close a hectic week for the primary that saw more than $49.5 billion of new issuance price.
The figure is roughly two times what market participants had expected to be around a $25 billion week.
Also, Lipper reported $267 million of inflows into corporate investment-grade funds for the week ended July 15, pushing the year-to-date total to more than $29 billion of inflows.
Another onslaught of issuance is expected for the week ahead, with merger and acquisitions and financial names continuing to lead the charge. Sources are calling for around $35 billion to $40 billion of new issuance.
Celgene Corp. announced on Friday its plans to sell about $8 billion of senior notes, $5 billion of which will help fund its acquisition of Receptos, Inc. and the remaining $3 billion slated for general corporate purposes.
ConocoPhillips Co.’s senior notes (A1/A/) traded flat to about 1 basis point weaker over the day. Marathon Oil Corp.’s senior notes (Baa1/BBB/) were unchanged on the day but 10 bps to 15 bps wider than issuance.
In other trading, Shell International Finance BV’s 2.125% notes due 2020 were mostly flat.
Southwestern Energy Co.’s senior notes (Baa3/BBB-/) were flat to wider on the day.
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