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Ford, BNY Mellon, IADB, Freddie Mac tap primary; funds, ETF post inflows
By Cristal Cody
Tupelo, Miss., April 17 – Both investment-grade financial and sovereign, supranational and agency issuers tapped the primary market on Friday.
Split-rated issuer Ford Motor Co. (Ba2/BB+/BBB-) priced $8 billion of notes in three tranches tighter than talk.
In addition, Bank of New York Mellon Corp. priced $1.25 billion of five-year senior medium-term notes.
In the SSA space, the Inter-American Development Bank sold $4.25 billion of three-year global sustainable development notes.
Also, Freddie Mac priced $3 billion of five-year Reference Notes.
High-grade issuers have sold more than $60 billion of bonds over the week, beating forecasts of up to about $50 billion of deal volume.
Supply is expected to remain strong next week with more bank paper eyed, syndicate sources said.
About $40 billion to $50 billion of investment-grade issuance is forecast for the week ahead.
Meanwhile, high-grade bond funds and ETFs reported a large inflow of $6.48 billion for the past week ended Wednesday following five consecutive weeks of outflows, according to a BofA Securities, Inc. research note released Friday that cites tallies from corporate bonds, agencies, Treasuries and mortgages.
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