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Morning Commentary: D.R. Horton, Boston Properties kick off May high-grade supply
By Cristal Cody
Tupelo, Miss., May 1 – May is kicking off with at least two companies planning to tap the primary market on Friday after April finished with a record amount of high-grade issuance.
D.R. Horton, Inc. (Baa2/BBB/BBB) expects to price $500 million of new five-year notes.
Boston Properties LP is offering new senior notes (Baa1/A-) during the session.
More than $86 billion of investment-grade bonds have priced week to date, led by the year’s biggest deal so far that priced on Thursday. Boeing Co. sold a $25 billion seven-tranche offering of senior notes.
April high-grade volume of more than $290 billion hit a new record, beating March’s record supply of over $260 billion of paper priced.
Volume year to date already is 82% ahead of the pace set in 2019, according to a BofA Securities, Inc. research note released Friday.
Strong supply is expected to continue in May with well over $100 billion of issuance initially anticipated, sources report.
Meanwhile, inflows to U.S. high-grade bond funds and ETFs softened to $3.65 billion for the past week ended Wednesday from $3.89 billion in the prior week, the BofA note reported, citing flows into corporate bonds, agencies, Treasuries and mortgages.
Weaker inflows to ETFs of $1.43 billion from $1.92 billion a week earlier were partially offset by stronger inflows to investment-grade bond funds of $2.22 billion from $1.97 billion, according to the report.
Excluding short-term funds, inflows declined to $3.02 billion from $3.32 billion in the previous week, while inflows to short-term high-grade rose to $630 million this week from $570 million last week.
Market tone was softer at the open on Friday with stocks down and high-grade ETFs weaker.
The iShares iBoxx Investment Grade Corporate Bond ETF fell 0.28% to 128.18.
The Pimco Investment Grade Corporate Bond index was down 0.14% to 109.67 over the morning.
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