Morning Commentary: Investment-grade supply quiet as deal pipeline builds; Libor climbs

By Cristal Cody

Tupelo, Miss., Feb. 16 – Investment-grade bond market activity stayed fairly quiet at the start of Friday’s session with no reported issuers.

A handful of companies are in the deal pipeline, while one issuer is expected to conclude a roadshow on Friday, according to market sources.

The Bank of New Zealand (A1/AA-/AA-) is scheduled to wrap its deal roadshow via J.P. Morgan Securities LLC, a source said. The roadshow started on Monday.

Financial market activity is expected to be light with the Chinese markets closed for the Chinese New Year holiday, sources report.

The three-month Libor was reported up 1 basis point at 1.85% at early Friday, according to a market source.

In other activity, secondary market volume on Thursday totaled $19.25 billion, slightly down from the $19.74 billion of bonds traded on Wednesday, according to Trace.

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