Investment-grade primary market quiets; supply thin week to date

By Cristal Cody

Tupelo, Miss., Oct. 15 – Investment-grade primary action remained quiet on Thursday with no reported issuers over the session.

Corporate and sovereign, supranational and agency supply totals about $13 billion week to date, with the bulk so far from SSA issuers.

SSA volume totals $8 billion, while corporate issuers have priced $4.9 billion of bonds week to date.

About $15 billion to $20 billion of volume was expected following the Columbus Day holiday with focus mostly centered on quarterly earnings results from U.S. banks and potential issuance that could follow.

Morgan Stanley reported third quarter profit results on Thursday, following Bank of America Corp., Goldman Sachs Group Inc. and Wells Fargo & Co. on Wednesday and JPMorgan Chase & Co. and Citigroup Inc. on Tuesday.

A deal is expected soon from Blackstone/GSO Secured Lending Fund, which wrapped a two-day session of fixed income investor calls and a virtual roadshow on Wednesday for a Rule 144A and Regulation S offering of dollar-denominated senior notes (Baa3//BBB-), a source said.

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