U.S. corporate bond update: issuance is slowing a tad
U.S. corporate bond update: issuance is slowing a tad after a rather robust start to 2019. The week's issuance is just shy of $28 B through Wednesday, near the top of the $25 B to $30 B estimated range. This comes amid the Treasury's $78 B in coupon supply. Saudi's $7.5 B 2-parter highlighted yesterday $4 B in 10s and $3.5 B in 31-year), seeing solid support. Anheuser-Busch has a benchmark 6-part deal, including 6-, 10-, 12-, 20-, 30-, and 40-year maturities. American Honda Finance has a benchmark 2-year fixed/FRN, and a 5-year. Targa Resources announced a $750 M 8.5-year. There is a $700 M 30-year from CenterPoint Energy. There's a likely Danske Bank deal today. Non-investment grade Turkey has launched a $2 B 10-year at 7.68%. Spreads have tightened for a fourth consecutive session as Treasury yields have dropped, with the Bloomberg Barclays at 148 bps yesterday versus 151 bps Tuesday.