Morning Commentary: Alimentation Couche-Tard markets U.S., Canada bond deals; Verizon active

By Cristal Cody

Tupelo, Miss., July 14 – Pricing action in the high-grade bond market is expected to stay light on Friday.

Alimentation Couche-Tard Inc. announced plans early Friday to sell senior notes in a Rule 144A and Regulation S offering in the U.S. primary market, while also marketing senior notes in Canada in a private placement.

In the secondary market, Verizon Communications Inc.’s 4.125% notes due March 16, 2027 (Baa1/BBB+/A-) have traded heavily over the week, a source said. The bonds were better over the morning at 102.93 from where the notes went out on Thursday at 102.41. The notes traded as high as 105.95 on June 27.

Verizon sold $3.25 billion of the bonds on March 13 at 99.256 to yield 4.22% and a spread of Treasuries plus 160 basis points.

The telecommunications company is based in New York City.

Overall secondary trading slipped to $16.31 billon on Thursday from $18.68 billion on Wednesday, Trace reported. High-grade secondary volume totaled $17.46 billion on Tuesday and $13.97 billion on Monday, according to Trace.

The three-month Libor yield was unchanged at 1.3% on Friday, a market source said.

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