U.S. corporate bond update: Saudi Arabia's jumbo offering headlines
U.S. corporate bond update: Saudi Arabia's jumbo offering headlines a busy calendar today as the market is still digesting yesterday's heavy slate. The deals, along with the CPI data, have pressured Treasury yields higher. The first bond sale from Saudi, seen between $10 B and $15 B, includes 5-, 10-, and 30-year paper. Pricing is tight at +160 bps, +185 bps, and +235 bps, and sources say it could tighten further. Also on tap today is a $1.5 B 10- and 30-year deal from Nike. Bank of America announced a benchmark 6-year fixed/FRN, and a 11-year note. There is a $1 B 7-year note from Japan Finance Organization for Municipalities. EIB is pricing a benchmark 3-year, while Turkiye Ihracat Kredi Bankasi has a $500 M 7-year.