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Morning Commentary: European issuers market dollar bond offerings; more bank supply forecast
By Cristal Cody
Tupelo, Miss., April 18 – Two European issuers are on deck to tap the U.S. primary market following heavy supply on Tuesday.
The European Investment Bank (Aaa/AAA/AAA) is marketing a benchmark-sized offering of notes due June 13, 2025 to price on Wednesday, a source said.
The notes were initially talked to price in the mid-swaps plus 15 basis points area.
Barclays, Citigroup Global Markets Ltd. and HSBC Securities (USA) Inc. are the lead managers.
Also, the European Bank for Reconstruction and Development (Aaa/AAA/AAA) is offering benchmark-sized three-year notes that will price soon, according to a market source. The notes were initially talked to price with a spread in the mid-swaps minus 2 bps area. The deal is expected to settle on April 26.
BNP Paribas Securities Corp., BofA Merrill Lynch, HSBC and Morgan Stanley & Co. LLC are the bookrunners.
Deal action has been strong over the first two sessions of the week with a marked pickup in supply on Tuesday.
JPMorgan Chase & Co., Citigroup Inc. and Delta Air Lines Inc. tapped the primary market on Monday.
During Tuesday’s session, issuers including Syngenta AG, AXA Equitable Holdings, Inc., Bank of Nova Scotia, Credit Agricole SA (London Branch), Sumitomo Mitsui Banking Corp., New York Branch, Cargill Inc., International Development Association and the Japan Finance Organization for Municipalities priced notes.
Market sources predict as much as $35 billion of volume for the week, though extra supply could push the total higher.
More bank and financial issuance is expected on Wednesday and Thursday, a source said.
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