High-grade corporate bond supply winds down for year; FHLBank on tap; AbbVie firms

By Cristal Cody

Tupelo, Miss., Dec. 18 – Dollar-denominated corporate high-grade supply stayed quiet over Wednesday’s session.

One issuer, SmartCentres Real Estate Investment Trust, priced a C$450 million offering of 10-year senior debentures during the session in a Canadian private placement.

Coming up on Thursday, the Federal Home Loan Bank System plans to price a two-year Global note.

Corporate deal volume has been quiet so far week to date, except for a $50 million preferred stock offering on Tuesday, market sources report.

Based on December monthly syndicate forecasts, the balance of potential bond deal volume is an average $1 billion to $3 billion, a syndicate source said.

In the secondary market, biopharmaceutical bonds priced in two of the year’s biggest deals remained better than issuance on Wednesday.

AbbVie Inc.’s 3.2% notes due Nov. 21, 2029 firmed about 1 bp on the day.

Bristol-Myers Squibb Co.’s 3.4% senior notes due July 26, 2029 improve nearly 1.5 bps during the session.

© 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.