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Morning Commentary: European Bank prices; Harvest begins calls; Anheuser-Busch softens
By Cristal Cody
Tupelo, Miss., April 19 – The European Bank for Reconstruction and Development (Aaa/AAA/AAA) tapped the primary market on Thursday for $1.75 billion of three-year notes.
The notes priced at mid-swaps minus 3 basis points, a source said. The notes were initially talked to price with a spread in the mid-swaps minus 2 bps area.
Elsewhere on Thursday, Canadian oil and natural gas company Harvest Operations Corp. (Aa2/AA) will start a two-day round of fixed income investor calls for a dollar-denominated offering of senior notes, a source said.
BofA Merrill Lynch and SMBC Nikko Securities America, Inc. are the arrangers.
Additional high-grade primary market action is expected over the session, sources report.
Volume was strong over the first three days of the week with supply led by issuers including JPMorgan Chase & Co., Citigroup Inc., Syngenta AG, AXA Equitable Holdings, Inc. and Goldman Sachs Group Inc.
About $25 billion to $35 billion of bond issuance was forecast by syndicate sources for the week.
Investment-grade secondary trading volume came to $18.75 billion on Wednesday, up from $17.4 billion on Tuesday and $15.62 billion on Monday, according to Trace.
Anheuser-Busch InBev Worldwide Inc.’s 4% senior notes due April 13, 2028 that priced in March softened in early trading to 101.09 from 101.00 on Wednesday, a market source said. The notes were among the most actively traded high-grade bonds on Wednesday. On Tuesday, the notes went out at 103.18.
Anheuser-Busch (A3/A-) sold $2.5 billion of the bonds on March 20 at 99.216 to yield 4.096%, or a spread of 120 bps over Treasuries.
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