It was another active week for both investment- grade and high-grade primary market corporate issuance. $5.3 billion of investment-grade volume was supplemented by $2.8 billion of high-yield deals and yet the market was able to digest the supply with little problem. In fact, some deals during the week were oversubscribed within minutes of being announced, even after upsizing, and still tightened on the break as the technical bid in the market continued. With a heavy schedule of high-yield deals and little supra/sovereign issuance this week, the weighted average rating of new deals has dropped back to more normalized levels than had been seen in January.
Analysis by CreditSights, Inc., an independent online credit research platform. Call (212) 340-3888 or visit www.CreditSights.com for more information.