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Gray Oak, Scotia, IBRD price; front-loaded supply eyed ahead of FOMC meeting; issues firm
By Cristal Cody
Tupelo, Miss., Sept. 11 – The high-grade primary market slowed on Friday but remained active, pushing week-to-date corporate and sovereign, supranational and agency deal volume to more than $76 billion.
Investment-grade corporate issuers sold more than $65 billion of bonds over the week, while SSA supply totaled $11 billion.
About $50 billion to $60 billion of deal volume was expected following Monday’s Labor Day holiday.
Three reported issuers were in the primary market over the day.
Bank of Nova Scotia, Gray Oak Pipeline, LLC and International Bank for Reconstruction and Development all brought new paper.
World Bank reported the deal is the largest SOFR index-linked bond issued by a sovereign, supranational or agency.
Front-loaded deal volume is expected before the two-day meeting ends on Wednesday, according to market sources.
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