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Apple, Paccar, Corning in primary; deal pipeline busy; AT&T notes firm; Time Warner eases
By Cristal Cody
Tupelo, Miss., Nov. 6 – Several investment-grade issuers tapped the primary market on Monday, including Apple Inc.
Apple was issuing $7 billion of bonds, a source said. Final pricing details were not immediately available.
Paccar Financial Corp. priced $300 million of three-year notes.
Other issuers planning to price bonds included Corning Inc.
About $30 billion of supply is expected by market sources for the week.
The Markit CDX North American Investment Grade 29 index ended mostly flat to slightly tighter at a spread of 53 basis points.
In the secondary market, Apple’s existing bonds (Aa1/AA+/) traded mostly softer, a source said.
The company’s 3.35% notes due Feb. 9, 2027 eased about 4 bps on Monday to 68 bps bid.
Apple sold $2.25 billion of the 10-year notes on Feb. 2 at par to yield a spread of Treasuries plus 88 bps.
In other trading, AT&T Inc.’s bonds (Baa1/BBB+/A-) remain active and improved during the session.
The company’s $85.4 billion cash and stock acquisition of Time Warner Inc. (Baa2/BBB/BBB+) is expected to close before the end of the year.
Time Warner’s 2.95% notes due July 15, 2026 softened about 6 bps on Monday.
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