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Strong high-grade deal pace forecast; Raymond James, Sunoco firm; credit spreads tighten
By Cristal Cody
Eureka Springs, Ark., July 8 – High-grade issuers took a break on Friday following more than $23 billion of issuance over the short week.
The week ahead is expected to see about $25 billion of volume.
The Markit CDX North American Investment Grade index tightened 4 basis points over Friday’s session to close at a spread of 73 bps.
Raymond James Financial, Inc.’s 3.625% senior notes due 2026 traded tighter Friday afternoon at 215 bps bid, 212 bps offered, according to a market source.
The notes traded early Friday at 222 bps offered.
Raymond James sold the notes on Thursday at Treasuries plus 225 bps in a $500 million tranche.
The company’s 4.95% notes due 2046, priced in a $300 million tranche on Thursday at Treasuries plus 280 bps, traded at 280 bps bid, 275 bps offered.
Sunoco Logistics Partners Operations LP’s 3.9% notes due 2026 improved over the session to 250 bps bid, 245 bps offered, a market source said.
The notes were quoted at 254 bps offered at the start of the day.
Sunoco Logistics sold $550 million of the notes (Baa3/BBB/BBB) on Thursday at a spread of 255 bps over Treasuries.
CBS Corp.’s $700 million of 2.9% senior notes due 2027 traded late Friday afternoon at 163 bps bid, 170 bps offered, a market source said.
CBS sold the notes (Baa2/BBB) on Wednesday at 170 bps over Treasuries.
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