Morning Commentary: Boeing, Ford, Aon, Northern Trust, Boardwalk, Textron notes on tap

By Cristal Cody

Tupelo, Miss., April 30 – High-grade action is soaring over the final two days of April with heavy activity expected during Tuesday’s session.

Boeing Co. intends to price five tranches of notes, including an add-on to its 3.2% notes due March 1, 2029.

Ford Motor Credit Co. LLC plans to sell fixed-rate notes.

Aon Corp. is marketing guaranteed fixed-rate senior notes.

Northern Trust Corp. plans to bring a fixed-rate tranche of 10-year senior notes to the primary market.

Boardwalk Pipelines, LP is offering guaranteed 10-year senior notes on Tuesday, a day after holding fixed income investor calls, a source said.

In addition, Textron Inc. is on deck with an offering of 10-year fixed-rate notes.

More than $9 billion of investment-grade issues priced on Monday, including a $2.5 billion offering of fixed-to-floating rate notes due 2030 from JPMorgan Chase & Co. and $2.5 billion of 18-month floating-rate notes based on the Secured Overnight Financing Rate from Fannie Mae.

About $15 billion to $20 billion of supply is expected by market sources for the week.

Last week, investment-grade companies priced more than $6 billion of bonds.

In the secondary market, Monday’s session saw $17.58 billion of high-grade bonds traded, according to Trace.

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