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Morning Commentary: Norfolk Southern, Ryder System, Southern California Edison on tap
By Cristal Cody
Tupelo, Miss., July 30 – High-grade transportation and energy issuers are marketing new bonds in the primary market on Monday.
Norfolk Southern Corp. plans to price three new tranches of senior notes and an add-on to its 4.15% notes due Feb. 28, 2048. The company first sold $500 million of the long bonds on Feb. 13.
Ryder System, Inc. also intends to price medium-term notes.
Southern California Edison Co. is offering new seven-year first and refunding mortgage bonds and a tap of its 4.125% first and refunding mortgage bonds due March 1, 2048 that priced on Feb. 28 and were reopened on May 30. The total outstanding is $750 million.
About $15 billion to as much as $25 billion of new supply is expected this week, according to market sources. About $60 billion to $70 billion of volume is forecast for August.
Market focus this week turns to central bank meetings with the Federal Reserve, Bank of England and Bank of Japan all scheduled to meet. The Federal Open Market Committee will meet on Tuesday and Wednesday. Market sources do not expect a U.S. rate hike at this meeting.
Elsewhere, Friday ended with $13.36 billion of investment-grade secondary market volume, according to Trace.
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