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High-grade primary quiets after blowout week; thin supply eyed for holiday week
By Cristal Cody
Tupelo, Miss., Nov. 20 – The high-grade primary market stayed quiet on Friday following heavy supply that beat market expectations over the week.
More than $40 billion of corporate issues were sold in the first four sessions, led by Volkswagen Group of America Finance LLC’s $4 billion of notes (A3/BBB+/) that priced in four tranches on Tuesday.
In addition to the corporate volume, the week also hosted $13 billion of sovereign, supranational and agency issuance.
Looking to next week with the Thanksgiving Day holiday ahead, supply is expected to slow with anywhere from zero to about $5 billion of front-loaded issuance anticipated, syndicate sources said.
The bond markets will be closed on Thursday and will close early at 2 p.m. ET on Nov. 27.
For December, the high-grade market is expected to continue grinding out new issues after a record volume year with about $25 billion to $35 billion or more of supply forecast for the month ahead.
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