Synchrony Financial plans to bring $3 billion offering; Tyco stable; Credit Suisse firms

By Cristal Cody and Aleesia Forni

Virginia Beach, Aug. 1 – A slow week for the high-grade market wrapped up with no new deals pricing on Friday.

The Federal Reserve’s Federal Open Market Committee meeting on Tuesday and Wednesday, coupled with a weaker overall tone to the market, kept a lid on issuance during the week.

Friday’s session did see Synchrony Financial added to the forward calendar. The company announced plans to price a multi-part $3 billion offering of senior notes.

Around $7.9 billion of supply came to market during the week. Roughly half of that total priced on Monday.

Total issuance ultimately fell short of what sources had expected to be a $15 billion week.

The figure is also down sharply from the prior week’s total of $18.35 billion.

The latest week also rounded out what has been the slowest month for the primary market so far this year. Issuers priced $54.03 billion of new investment-grade paper during July, bringing the year-to-date issuance to $670.81 billion.

Secondary trading was “OK but not wildly busy,” a trader said on Friday.

Trading had thinned by the afternoon, the trader said.

Tyco Electronics Group SA’s senior notes (Baa1/A-/A-) brought in Monday’s session remained better than issuance, a trader said.

The two tranches of senior notes reopened on Monday by Credit Suisse AG, New York branch headed out mostly tighter, according to a trader.

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