Morning Commentary: Alimentation Couche-Tard, Federal Realty, Duke, United Insurance on deck

By Cristal Cody

Tupelo, Miss., Dec. 7 – Primary action in the high-grade bond market is expected to stay busy over Thursday’s session.

Alimentation Couche-Tard Inc. plans a senior note offering.

Federal Realty Investment Trust announced it intends reopen its 3.25% notes due July 15, 2027.

Duke Energy Florida, LLC plans to price amortizing senior notes due 2019.

Also on deck, United Insurance Holdings Corp. is marketing senior notes due 2027.

The three-month Libor yield ticked up 1 basis point to 1.52% on Thursday, a source said.

Federal Realty Investment Trust’s 3.25% notes due July 15, 2027 (A3/A-) have not been active in the secondary market in December, a source said. The notes were last seen trading on Nov. 28 at 99.61.

The trust sold $300 million of the 3.25% notes on June 20 at 99.083 to yield 3.358%, or a Treasuries plus 120 bps spread.

Overall secondary market volume totaled $17.88 billion on Wednesday, compared to $17.26 billion on Tuesday and $15.56 billion on Monday, according to Trace.

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