U.S. Treasuries clawed back some additional ground late Tuesday, recovering from early pressure due to higher global inflation and manufacturing data. The market rode-out a run of corporate debt offerings being added to the calendar while seeing support as stocks churned off the lows.
As expected, corporate bond offerings picked up Tuesday, with several large deals added, including BNB Paribas’ $1.75 billion seven-year note. FedEx has a $1.2 billion in 10- and 30-years. Barclays is selling benchmark sized six-, 11-, and 30-years. Credit Agricole is auctioning five-year fixed and floating-rate notes (FRNs), along with 10-years. Duke Energy Florida has a $900 million three- and 10-year mortgage deal. Daimler Finance has a run of three-, five-, and 10-year notes. John Deere Capital has a two-year fixed/FRN and a five-year. Rabobank Nederland NY plans a benchmark five-year fixed/FRN. Santander UK Group holdings is selling $1 billion six-year notes. Westpack has a benchmark five-year fixed/FRN. Principal Life just announced guidance on a benchmark three-year fixed/FRN.