Fidus prices $125 million five-year notes; strong January supply in view

By Cristal Cody

Tupelo, Miss., Dec. 16 – One company tapped the high-grade bond market on Wednesday as volume continues to thin ahead of the holidays.

Fidus Investment Corp. priced $125 million of registered five-year notes (Egan-Jones: A-) during the session.

Investment-grade supply has been thin week to date with $2.15 billion of bonds sold in Rule 144A and Regulation S deals from Microchip Technology Inc. on Monday and Berry Global, Inc. on Tuesday.

Light issuance is expected over the rest of December with zero up to $10 billion of volume anticipated by market participants for this week and the remainder of 2020.

More than $41 billion of investment-grade bonds have priced month to date, surpassing forecasts of about $25 billion to $35 billion of expected issuance for December.

Deal volume is expected to rev up in January with about $125 billion to $135 billion of new issuance anticipated, syndicate sources said.

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