Federal Realty Trust, Brookfield sell notes; high-grade inflows top $7 billion

By Cristal Cody

Tupelo, Miss., Oct. 8 – Primary action slowed over Thursday’s session with just two reported high-grade issuers.

Federal Realty Investment Trust priced an upsized $400 million of long five-year green notes (A3/A-/) after the company held fixed income investor calls on Wednesday.

Brookfield Finance Inc. also sold $400 million of $25-par green guaranteed subordinated notes due Oct. 16, 2080 (Baa1/A-/A-) on Thursday following fixed income investor calls in the previous session.

Investment-grade issuers have priced more than $23 billion of corporate and sovereign, supranational and agency bonds week to date, beating market forecasts of about $15 billion to $20 billion of supply for the week.

Looking ahead to the upcoming week, market focus is expected to be on quarterly earnings results from banks including JPMorgan Chase & Co. and Citigroup Inc., along with other corporate debt issuers such as Delta Air Lines Inc., UnitedHealth Group Inc. and Walgreens Boots Alliance Inc.

Investment-grade corporate funds inflows jumped to $7.03 billion over the past week ended Wednesday, according to Refinitive Lipper US Fund Flows.

Inflows totaled $2.08 billion in the previous week and $4.16 billion in the week prior.

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