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Morning Commentary: Realty Income, KfW offer notes; Anheuser-Busch bonds improve
By Cristal Cody
Tupelo, Miss., March 27 – Some corporate and SSA primary action is expected in the investment-grade bond market on Tuesday after issuers priced more than $5 billion of paper in the previous session.
Realty Income Corp. is marketing notes due 2025.
Also, KfW (Aaa/AAA/AAA) plans to tap the market with an offering of three-year global notes. The notes were initially talked to price with a spread in the mid-swaps plus 1 basis point area, according to a market source.
Citigroup Global Markets Inc., Nomura Securities International, Inc. and RBC Capital Markets, LLC are the lead managers.
Syndicate sources expected primary market issuance to total $10 billion to $15 billion for the short market week.
The bonds markets will close early on Thursday and remain closed on Friday for the Good Friday holiday.
Anheuser-Busch active
In the secondary market, $19.42 billion of high-grade bonds traded on Monday, according to Trace data.
Anheuser-Busch InBev Worldwide Inc.’s $10 billion of guaranteed senior notes that priced a week ago in six tranches remain active in secondary trading, a source said.
The company’s 4% notes due April 13, 2028 improved to 100.47 in early trading from where the notes went out on Monday at 100.16.
Anheuser-Busch (A3/A-) sold $2.5 billion of the notes on March 20 at 99.216 to yield 4.096%, or a spread of 120 bps over Treasuries.
The tranche of 4.375% bonds due April 15, 2038 traded up to 100.47 over the morning from 99.97 on Monday, according to the market source.
The Leuven, Belgium-based beer brewer sold $1.5 billion of the bonds in the March 20 offering at 98.555 to yield 4.485%, or a 135 bps spread over Treasuries.
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