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FHLBank postpones supply; market activity thins; Duke Energy, Time Warner firm; AT&T eases
By Cristal Cody
Eureka Springs, Ark., Dec. 21 – Activity in the investment-grade bond market continues to thin as the year winds to a close.
The Federal Home Loan Bank System announced on Wednesday that it will not issue a new Global Note or reopen an existing issue until 2017.
The bond markets will close early on Friday and will be closed on Monday for the Christmas holiday.
The Markit CDX North American Investment Grade index firmed about 1 basis point on Wednesday to a spread of 66 bps.
While the primary market has come to a stop, secondary trading remains active.
Duke Energy Corp.’s 2.65% senior notes due 2026 firmed 1 bp on Wednesday to 102 bps bid, a market source said.
AT&T Inc.’s 4.125% notes due 2026 softened 3 bps over the session to 159 bps bid.
Time Warner Inc.’s 2.95% notes due 2026 traded 1 bp better over the day to 140 bps bid.
AT&T announced plans in October to acquire Time Warner in an $85.4 billion cash-and-stock deal.
UnitedHealth Group Inc.’s notes (A3/A+/A-) that priced on Dec. 15 traded modestly better over the day.
The company’s 3.45% notes due 2027 headed out at 100.50 on Wednesday from 100.48 the previous session, according to a market source.
Its 4.2% notes due 2047 climbed to 100.35 over the day from where the bonds last traded on Tuesday at 99.83.
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