Morning Commentary: High-grade market slow on Friday after activity early in week

By Devika Patel

Knoxville, Tenn., July 24 – Primary activity in the investment-grade bond market remained slow on Friday morning with no new deals announced or pricing.

Earlier in the week, however, the market saw five investment-grade deals pricing.

On Monday, two new deals priced.

Wilsonville, Ore.-based FLIR Systems, Inc., a manufacturer of sensors and imaging systems, priced $500 million of 2.5% 10-year notes (Baa3/BBB/BBB) at a spread of 190 basis points over Treasuries, and Torrance, Calif.-based Toyota Motor Credit Corp., the funding arm of auto manufacturer Toyota, sold $750 million of 0.45% two-year Diversity and Inclusion notes (A1/A+/A+) at a spread of Treasuries plus 33 bps.

On Wednesday, Richardson, Tex.-based Lennox International Inc., a climate-control products company, priced $600 million of senior notes in two tranches due in five and seven years, and Zurich-based UBS Group AG, an investment bank and financial services company, announced it will sell $750 million of notes.

Also on Wednesday, Thessaloniki, Greece-based Black Sea Trade and Development Bank, a financial and development institution, priced a $150 million tap of its 3.5% notes due June 25, 2024 (A2/A-) at 103.71 to yield 225 bps over mid-swaps.

Finally, on Thursday, Herndon, Va.-based Main Street Capital Corp., a market lender for electric cooperatives, sold a $125 million tap of its 5.2% notes due May 1, 2024.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.