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High-grade primary market winds down; PacifiCorp, Steel Dynamics improve
By Cristal Cody
Tupelo, Miss., Dec. 23 – The high-grade bond market is effectively shut for the rest of the year with little market activity reported on Monday, two days before the Christmas Day holiday.
The bond markets will close early at 2 p.m. ET on Tuesday and remain closed on Wednesday.
Quite a few market participants already have left offices for the rest of the year with some desks thinly staffed, sources report. No issuance is forecast this week, following zero bond deal volume last week.
The secondary market has been a bit busier the primary market but is slowing.
PacifiCorp’s 4.15% first mortgage bonds due Feb. 15, 2050 (A1/A+/) were among the most actively traded investment-grade bonds on Friday and continued to improve on Monday in light trading, a source said.
The bonds were seen closing up at 116.68 from 115.99 over the morning and from where the notes ended Friday at 115.91.
In other secondary trading, Steel Dynamics, Inc.’s 3.45% senior notes due April 15, 2030 priced earlier in December were modestly better in thin secondary volume over the session.
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