High-grade supply slows; IFC in pipeline; Diageo flat; Marriott tightens; National Bank firms

By Cristal Cody

Tupelo, Miss., Oct. 4 – High-grade market action quieted on Friday after a light week of new issuance.

Investment-grade corporate and SSA issuers priced more than $11 billion of bonds over the week.

Volume is expected to remain subdued in the upcoming week with about $10 billion to $15 billion of supply forecast, market sources said.

Issuance is eyed to pick up later in October after the Columbus Day holiday weekend and quarterly earnings blackout reporting periods end.

Meanwhile, International Finance Corp. is marketing a dollar-denominated offering of five-year global notes.

In the secondary market, new issues priced over the week were mixed.

Diageo Capital plc’s $1.6 billion of registered notes (A3/A-/) priced in two tranches on Monday traded wrapped around issuance on Friday.

Marriott International Inc.’s $550 million of 2.125% senior notes due Nov. 1, 2022 sold on Tuesday tightened 7 bps.

National Bank of Canada’s inaugural $750 million of 2.15% bail-in sustainability bonds due Oct. 7, 2022 that were brought to the market on Wednesday firmed 2 bps.

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