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Morning Commentary: Mitsubishi UFJ offers notes as financial supply continues; Sweden on tap
By Cristal Cody
Tupelo, Miss., July 18 – Mitsubishi UFJ Financial Group, Inc. announced plans early Tuesday to price three tranches of senior notes.
The Tokyo bank’s deal follows other financial paper issuance from JPMorgan Chase & Co., Citigroup Inc. and Wells Fargo & Co. on Monday.
JPMorgan, Citigroup and Wells Fargo released earnings reports on Friday. Bank of America Corp. and Goldman Sachs Group Inc. reported second-quarter earnings before the market opened on Tuesday. Morgan Stanley releases its earnings report on Wednesday.
In other primary action, Freddie Mac on Tuesday priced $3 billion of new two-year Reference Notes.
Also on Tuesday, the Kingdom of Sweden (Aaa/AAA/AAA) plans to price a benchmark-sized dollar-denominated offering of notes due July 25, 2019 in a Rule 144A and Regulation S offering, according to a market source.
Goldman Sachs & Co. LLC, HSBC Securities (USA) Inc. and Nomura Securities International, Inc. are the bookrunners.
In addition on Tuesday, Alimentation Couche-Tard Inc. (Baa2/BBB) is expected to wrap a second day of investor calls for a Rule 144A and Regulation S senior note offering, according to a market source.
HSBC, MUFG and Wells Fargo Securities, LLC are arranging the calls.
About $25 billion to $30 billion of total bond issuance is expected by market participants over the week.
In the secondary market, Mitsubishi UFJ Financial Group’s 3.667% senior notes due Feb. 22, 2027 (A1/A/A) were flat at 103.63 at the start of the session, a source said.
Mitsubishi UFJ Financial Group sold $1 billion of the notes on Feb. 15, 2017 at par to yield a Treasuries plus 118 basis points spread.
Overall secondary trading volume on Monday totaled $14.81 billion, according to Trace.
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