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High-grade primary quiet; steady issuance forecast; Activision, Tyson firm; Coca-Cola mixed
By Cristal Cody
Tupelo, Miss., May 26 – High-grade bond issuers took Friday off following nearly $40 billion of supply priced over the week.
The financial markets closed at 2 p.m. ET and will remain closed on Monday for the Memorial Day holiday.
Syndicate sources expect about $20 billion to $25 billion of volume in the shortened week ahead with about $90 billion to $100 billion of total supply for June.
The Markit CDX North American Investment Grade index closed mostly unchanged at a spread of 62 basis points.
Activision Blizzard, Inc.’s $1.25 billion of senior notes due 2022, 2027 and 2047 (Baa2/BBB/) sold on Tuesday firmed about 1 bp to 4 bps in the secondary market.
Activision Blizzard’s 3.4% notes due June 15, 2027 were seen at 117 bps bid, 114 bps offered, a market source said.
Tyson Foods Inc.’s $2.75 billion four-tranche offering of senior notes (Baa2/BBB/BBB) priced on Tuesday tightened about 4 bps to 8 bps.
Tyson Foods’ 3.55% notes due June 1, 2027 firmed to 124 bps bid, 121 bps offered, and its 4.55% notes due June 1, 2047 traded at 158 bps bid, 155 bps offered, according to a market source.
And Coca-Cola Co.’s $1 billion of senior notes (Aa3/AA-/A+) brought to the market in two tranches on Monday traded flat to about 2 bps tighter than issuance on Friday.
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