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Glencore Funding launches notes; CPPIB in deal pipeline; U.S. Bank mixed; Target eases
By Cristal Cody
Tupelo, Miss., Oct. 20 – Glencore Funding LLC launched a $1 billion two-part offering of senior notes on Friday in otherwise mostly quiet activity in the investment-grade bond market.
CPPIB Capital Inc. joined the deal pipeline with a $1 billion offering of 10-year notes.
Issuance is expected to be lighter in the week ahead with about $20 billion of volume forecast, a source said.
After spending most of the week unchanged, the Markit CDX North American Investment Grade 29 index firmed more than 1 basis point on Friday to close at a spread of 52.5 bps.
In the secondary market, new issues were mixed on Friday.
U.S. Bank NA’s $1.5 billion of three-year fixed- and floating-rate senior bank notes (A1/AA-/AA-) priced in the previous session traded flat to about 1 bp tighter.
U.S. Bank’s 2.05% notes due Oct. 23, 2020 traded on Friday at 36 bps bid, 34 bps offered, a market source said.
Target Corp.’s 3.9% notes due Nov. 15, 2047 priced on Monday traded 2 bps softer than issuance.
The notes eased to 112 bps bid, 111 bps offered in the secondary market, a source said.
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