High-grade bond supply likely done for year; Steel Dynamics mixed; AT&T, Verizon firm

By Cristal Cody

Tupelo, Miss., Dec. 20 – The week closed with no high-grade corporate bonds priced and little activity expected for the remainder of 2019.

No issuance is forecast in the upcoming week, sources report.

The bond markets will close early on Tuesday and remain closed on Wednesday for the Christmas Day holiday.

In the secondary market, high-grade-rated peers were mostly unchanged on Friday following U.S. Steel Corp.’s announcement the previous day it plans to lay off workers and close a Michigan facility.

Steel Dynamics, Inc.’s $1 billion of fixed-rate senior notes (Baa3/BBB-/BBB) that priced on Dec. 9 were flat to modestly better in thin trading volume over the session.

Steel Dynamics’ 2.8% notes due Dec. 15, 2024 traded about a dime better on Friday at 100.55 from the previous session in very light trading, according to market sources.

The tranche of 3.45% senior notes due April 15, 2030 priced in the same offering were not active on Friday and headed out at 100.38 bid.

Elsewhere in the secondary market, AT&T Inc.’s 4.35% global senior notes due March 1, 2029 firmed about 1 bp in heavy trading volume on Friday.

Verizon Communications Inc.’s 3.875% green senior notes due Feb. 8, 2029 tightened about 2 bps.

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