Morning Commentary: Alberta, Kommunalbanken in primary market; Willis Lease plans deal

By Cristal Cody

Tupelo, Miss., July 19 – Books opened early Wednesday on the Province of Alberta’s benchmark-sized dollar-denominated offering of five-year bonds and by late morning were more than $1.6 billion, a market source said.

The bonds were talked to price in the mid-swaps plus 34 basis points area.

BNP Paribas, CIBC, RBC and Scotia are the active bookrunners.

Also in the day’s deal pipeline, Kommunalbanken AS (Aaa/AAA) plans to price a $300 million add-on to its floating-rate notes due Sept. 8, 2021 in a Rule 144A and Regulation S deal, according to a market source.

The notes were initially talked to price in the Libor plus 12 bps area.

BMO Capital Markets Corp., Morgan Stanley & Co. LLC and Nomura are the lead managers.

In other market action, Willis Lease Finance Corp. announced that subsidiary Willis Engine Structured Trust III intends to sell $335.7 million of fixed-rate notes in two tranches in a Rule 144A and Regulation S transaction.

The deal includes $293.7 million of series A notes and $42 million of series B notes.

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