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High grade ends unchanged despite jobs data; upcoming deal volume seen modest; Wal-Mart firms
By Aleesia Forni and Andrea Heisinger
New York, April 5 - The week of high-grade bond issuance came to a halt on Friday with no new deals priced, sources said, as the U.S. Labor Department released its jobs report for March.
More than $16.7 billion of investment-grade bonds sold during the past week including the $5 billion trade done Thursday by Wal-Mart Stores Inc.
The primary was empty as the economy reportedly added 88,000 jobs in March - a drop from the 268,000 added in February.
The impact on high-grade bonds was muted because "there weren't any new trades today," one syndicate source said.
"Everything ended up pretty unchanged," they added.
The coming week should be similar in volume to the past one, with $10 billion to $15 billion in the pipeline.
"We should get started right away [on Monday]," a source said, adding that they knew of three potential sales to start the week.
The Markit CDX Series 20 North American Investment Grade index was 3 basis points tighter at a spread of 87 bps.
In the secondary market, Wal-Mart's $5 billion recent deal traded mostly tighter on Friday compared to levels seen earlier during the session.
Wal-Mart notes better
Wal-Mart's $1 billion tranche of 0.6% three-year notes was quoted 2 bps tighter at 22 bps bid, 18 bps offered, one trader said during Friday's session.
The notes sold at a spread of Treasuries plus 30 bps on Thursday.
Meanwhile, the $1 billion of 1.125% five-year notes, which priced at 45 bps over Treasuries, traded unchanged at 43 bps bid, 41 bps offered.
The $1 billion tranche of 2.55% 10-year notes was quoted 2 bps better at 77 bps bid, 74 bps offered.
The notes sold at a spread of Treasuries plus 82 bps.
In other trading, the $1 billion of 4% 30-year bonds traded 1 bp better at 99 bps bid, 97 bps offered following Thursday's pricing at Treasuries plus 102 bps.
The discount retailer is based in Bentonville, Ark.
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