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Morning Commentary: High-grade U.S. dollar supply quiets; Telus eyes Canada deal
By Cristal Cody
Tupelo, Miss., June 26 – Investment-grade primary action stayed fairly quiet at the start of Wednesday’s session with no reported registered issuers in the U.S. dollar-denominated market.
Telus Corp. announced plans to price an offering of Canadian dollar-denominated seven-year senior notes.
The lead managers are BMO Nesbitt Burns Inc., CIBC World Markets Inc. and Scotia Capital Inc.
Otherwise, deal action was light following nearly $10 billion of supply over the previous two sessions.
About $15 billion of issuance is expected by syndicate sources for the week.
Deal volume so far has been led by Enterprise Products Operating LLC’s $2.5 billion two-part offering of guaranteed fixed-rate senior notes that priced on Monday.
Spreads widened on Tuesday, sending new issues priced this week mostly softer, a market source said.
Enterprise Products Operating’s notes had tightened across both tranches in secondary trading but eased on Tuesday by about 4 basis points.
The company’s 3.125% notes due July 31, 2029 softened to trade in the 111 bps area.
Enterprise Products sold $1.25 billion of the notes on Monday at a spread of 110 bps over Treasuries.
The $1.25 billion tranche of 4.2% notes due Jan. 31, 2050 traded in the 162 bps area. The notes priced on Monday at a Treasuries plus 165 bps spread.
The notes are unconditionally guaranteed by parent company Enterprise Products Partners LP.
Enterprise Products is a midstream energy services provider based in Houston.
Secondary market volume totaled $22.81 billion on Tuesday, up from $20.37 billion on Monday, according to Trace data.
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