Morning Commentary: ING dollar, euro notes on deck; deal volume climbs after elections

By Cristal Cody

Tupelo, Miss., Nov. 8 – ING Groep NV (Baa1/A-/A+) is expected to tap the high-grade primary market on Thursday with a two-part offering of dollar- and euro-denominated green senior notes.

The deal includes seven-year dollar-denominated notes and 12-year euro-denominated notes.

BofA Merrill Lynch, Credit Agricole CIB, Credit Suisse Securities (USA) LLC, ING Financial Markets LLC, SEB Securities, Inc. and Standard Chartered Bank are the bookrunners.

Also, Florida Power & Light Co. continues to market 50-year floating-rate notes.

Deal volume soared on Wednesday after no major changes erupted from the U.S. midterm elections.

Volkswagen Group of America Finance LLC (A3/BBB+) priced $8 billion of notes in seven tranches in a Rule 144A and Regulation S offering on Wednesday.

About $19 billion of high-grade bonds priced in the previous session, led by Volkswagen’s deal.

Just over $2 billion of investment-grade bonds were brought to the primary market on Tuesday, while $1.5 billion of bonds priced on Monday.

About $15 billion to as much as $30 billion of issuance is forecast by market sources for the week.

Focus on Thursday was expected to turn toward the conclusion of the Federal Reserve’s monetary policy meeting. No rate changes are expected by market sources.

In the secondary market, high-grade trading volume totaled $19.66 billion on Wednesday, up from $18.96 billion on Tuesday and $16.21 billion on Monday, according to Trace.

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