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Morning Commentary: DowDuPont, Marriott, Boston Properties on deck; Takeda deal eyed
By Cristal Cody
Tupelo, Miss., Nov. 13 DowDuPont Inc. (Baa1/A-/BBB+) is on deck with eight tranches of notes in the high-grade primary market on Tuesday.
Ahead of the Veterans Day holiday, the company planned to hold fixed income investor calls during the session.
Market sources expect DowDuPont to price about $12 billion of bonds.
DowDuPont is the holding company for Dow Chemicals Co. and Corteva Inc., with both expected to be spun off in 2019.
Midland, Mich.-based DowDuPont is expected to become a stand-alone company following the spinoffs and be renamed DuPont Inc.
In other primary action, Marriott International, Inc. is offering three tranches of notes on Tuesday.
In addition, Boston Properties LP is marketing senior notes.
About $25 billion to $30 billion of investment-grade bond issuance is expected this week, according to syndicate sources.
With DowDuPonts offering and a potential deal from Takeda Pharmaceutical Co., Ltd. looming, some sources are estimating as much as $45 billion of supply for the week.
Takeda Pharmaceutical (A2/A-) is holding a roadshow for a Rule 144A and Regulation S offering of euro-denominated senior notes and a possible dollar-denominated issue through Wednesday, according to market sources.
The total deal size is projected in the $14 billion area.
The Osaka, Japan-based pharmaceutical company launched the fixed income investor meetings and calls in Europe on Monday.
J.P. Morgan Securities LLC, SMBC Nikko Securities America, Inc., Morgan Stanley & Co. LLC, Barclays, BNP Paribas Securities Corp. and HSBC Bank plc are the active bookrunners.
The euro offering is expected to include two-year floating-rate notes, two-year fixed-rate notes, eight-year fixed-rate notes and 12-year fixed-rate notes.
A possible dollar-denominated transaction may follow.
Strong issuance is expected this week with the upcoming Thanksgiving Day holiday limiting volume next week, according to market sources.
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