Primary quiet; Oaktree eyes deal; high-grade funds, ETFs set inflow record

By Cristal Cody

Tupelo, Miss., Feb. 7 – The high-grade primary market stayed quiet over Friday’s session following more than $21 billion of corporate supply and more than $11 billion of sovereign, supranational and agency issuance this week.

Market participants digested economic data that included a stronger-than-expected jobs report. The Labor Department announced 225,000 jobs were added in January, higher than the 165,000 forecast.

The unemployment rate was 3.6%, above forecasts of 3.5%.

Coming up on Monday, Oaktree Specialty Lending Corp. plans to hold fixed income investor calls with a possible transaction to follow ahead of its $75 million redemption of 5.875% $25-par senior notes due Oct. 30, 2024 on March 2.

Meanwhile, investment-grade bond funds and ETFs set a new record high for inflows over the past week ended Wednesday at $9.32 billion, according to a BofA Securities, Inc. global research note released Friday.

“Highlighting the heavy flows so far this year, the previous record high of $8.92 [billion] was from the first week of January,” credit strategist Yuri Seliger said.

Short-term high-grade inflows climbed to $2.73 billion from $1.22 billion in the week ago period, while excluding short-term flows increased to $6.58 billion from $5.61 billion.

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