U.S. corporate bond update: a couple of deals are in the offing
U.S. corporate bond update: a couple of deals are in the offing today as market conditions stabilize. However, issuance has been thin this week, less than $10 B of the $20 B forecast, as geopolitical risks rattled investors. But the advent of the weekend, and ahead of earnings, the calendar is still on the slim. Assuming risks abate somewhat next week, activity should rebound back to the $20 B area, and as many companies emerge from earnings blackouts. For today, IADB just launched its $4 B benchmark 3-year. Also, the State of Qatar has a 3-trancher on tap, including 5-, 10-, and 30-year maturities. The Republic of Uruguay announced a 2055 bond. Fairfax Financial has a $300 M 10-year. There's a possible deal from World Bank Treasury. Meanwhile, the credit spread remains neat the 110 bp wide for the year at 107 bps.