Steady U.S., Canada April supply on tap; bonds improve; Exelon, Keysight Technologies tighten

By Cristal Cody

Tupelo, Miss., March 31 – Investment-grade issuers took a breather on Friday with no reported bonds priced over the session.

Deal volume is forecast as steady in the upcoming week with about $20 billion to $25 billion of issuance expected by syndicate sources.

Issuers likely will want to price ahead of the French elections and Easter holiday, sources report.

About $90 billion to $100 billion of U.S. supply is forecast by market participants for April.

Canada likely will see about C$7 billion to C$9 billion following C$11.1 billion of issuance in March, a syndicate source said.

In the secondary market, new issues priced over the week traded mostly tighter.

Exelon Corp.’s $1.15 billion of five-year junior subordinated notes priced in a remarketing on Wednesday firmed 9 basis points.

Union Pacific Corp.’s $1 billion of senior notes (A3/A/) priced in two tranches in a mid-week offering traded about 1 bp to 2 bps better.

Keysight Technologies Inc.’s 4.6% senior notes due April 6, 2027 brought to market in a $700 million deal on Tuesday tightened about 8 bps.

In other secondary trading, AT&T Inc.’s 4.25% notes due March 1, 2027 softened about 1 bp on Friday.

Verizon Communications Inc.’s 4.125% notes due March 16, 2027 recovered some gains after softening on Thursday.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.