Morning Commentary: American Financial markets 30-year notes; Anheuser-Busch notes active

By Cristal Cody

Tupelo, Miss., May 25 – American Financial Group, Inc. joined the high-grade deal pipeline on Thursday with a 30-year senior notes offering.

BofA Merrill Lynch, J.P. Morgan Securities LLC and Wells Fargo Securities, LLC are the bookrunners.

Primary volume has been strong over the week but is expected to slow ahead of the long holiday weekend. The bond markets will close early on Friday for the Memorial Day holiday.

Anheuser-Busch InBev Finance Inc.’s 3.65% senior notes due Feb. 1, 2026 (A2/A-) were active in early secondary trading but mostly unchanged.

High-grade secondary trading volume totaled $19.66 billion on Wednesday, compared to $20.73 billion on Tuesday and $16.45 billion on Monday, according to Trace.

Anheuser-Busch’s 3.65% notes due 2026 were unchanged but active in secondary trading early Thursday at 102.50, a market source said.

The notes went out on Wednesday 3 basis points tighter at 101 bps bid, according to another market source.

The company sold $11 billion of the 10-year notes on Jan. 13, 2016 at 99.833 to yield 3.67%, or a spread of Treasuries plus 160 bps.

The brewery is based in Leuven, Belgium.

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