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High-grade primary slows ahead of holiday; light supply eyed; Keysight, PepsiCo bonds firm
By Cristal Cody
Tupelo, Miss., Oct. 11 – Investment-grade primary action stayed quiet on Friday ahead of a long holiday weekend and the start of earnings blackout reporting periods.
Desks started to thin early in the session ahead of the Columbus Day holiday on Monday, sources report.
Corporate issuers priced more than $9 billion of bonds this week, while sovereign, supranational and agency volume totaled more than $17 billion.
About $10 billion to $15 billion of investment-grade issuance is expected to print over the upcoming short market week, according to syndicate sources.
LeasePlan Corp. NV will start a roadshow in London on Monday and continue it Tuesday in the U.S. market for a dollar-denominated offering of five-year notes, a source said.
In the secondary market, Keysight Technologies Inc.’s 3% notes due Oct. 30, 2029 sold on Monday were ending the week nearly 10 bps tighter than issuance on the bid side.
PepsiCo, Inc.’s $1 billion of 2.875% green senior notes due Oct. 15, 2049 that priced at the start of the week firmed about 5 bps.
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