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High-grade supply thin; Pershing Square markets notes; Kommuninvest offers dollar issue
By Cristal Cody
Tupelo, Miss., Oct. 26 – The high-grade bond market saw thin activity on Monday with just one reported preferred stock deal priced.
Bank of New York Mellon Corp. sold $582.5 million of 3.7% series H noncumulative perpetual preferred shares (Baa1/BBB/BBB+).
The preferreds priced tighter than talk in the 3.875% area, a source said.
In other primary action, Pershing Square Holdings, Ltd. (/BBB+/BBB) marketed up to $500 million of senior notes due no later than 2031 in a Regulation S offering during the session.
Much of the day’s primary action was seen in the high-yield space with several issuers offering bonds over the day.
Meanwhile, sovereign, supranational and agency issuance is expected in the high-grade primary market on Tuesday, a source said.
Kommuninvest I Sverige AB (Aaa/AAA/) is in the pipeline with dollar-denominated notes due July 20, 2022. The notes are talked to price in the mid-swaps plus 5 basis points area.
About $15 billion of bonds are anticipated to price over the week, according to syndicate sources.
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