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Morning Commentary: Steelcase on tap; FHLBank sells bonds; Canada eyes deal; Fox firms
By Cristal Cody
Tupelo, Miss., Jan. 16 – Steelcase Inc. is marketing a senior note deal in the high-grade primary market on Wednesday.
Also early Wednesday, Federal Home Loan Bank System announced it priced a $2.75 billion two-part offering of six- and 12-month notes. The notes are the first sold by the agency in 2019 that are linked to the Secured Overnight Financing Rate, which may be used to replace Libor.
FHLB issued its first SOFR-linked bonds in November.
In other action, a bond offering is expected from Canada (Aaa/AAA) this week, according to a news release on Wednesday from Canada’s Department of Finance.
Canada’s government announced it “plans to issue a U.S. dollar-denominated global bond later this week, subject to market conditions.”
The Canadian Province of Alberta was in the dollar-denominated primary market on Tuesday with $1.75 billion of five-year global bonds.
Week to date, high-grade companies and sovereign, supranational and agency issuers have priced more than $23 billion of bonds, including more than $15 billion of corporate notes.
Strong supply was forecast for the week with market sources estimating $40 billion or more of issuance.
Deal volume so far has been led by Fox Corp.’s $6.8 billion five-part offering of notes priced on Tuesday.
The company’s notes traded about 8 basis points to more than 10 bps tighter in the secondary market, a source said.
A $2 billion tranche of 4.709% notes due Jan. 25, 2029, which priced with a 200 bps over Treasuries spread, tightened to 186 bps in the secondary market, according to the market source.
Secondary market volume was heavy on Tuesday with $23.14 billion of investment-grade bonds traded, up from $18.03 billion on Monday, according to Trace.
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