Morning Commentary: Host Hotels, Alabama Power emerge with note offerings; primary slows

By Devika Patel

Knoxville, Tenn., Sept. 12 – Primary activity in the investment-grade bond market waned late in the week, with only two new deals announced on Thursday morning.

Bethesda, Md.-based real estate investment trust Host Hotels & Resorts, LP said it will offer fixed-rate green notes due 2029, and Birmingham, Ala.-based power company Alabama Power Co. announced it will sell senior notes.

Host Hotels on tap

Host Hotels reported that it expects to price fixed-rate green series H senior notes due 2029.

The notes feature a make-whole call and then a par call.

Wells Fargo Securities LLC, Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC, BofA Securities, Inc., J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC are the bookrunners.

Proceeds will be used for eligible green projects.

Alabama Power eyed

Alabama Power said it plans to price series 2019A senior notes.

The notes will feature a make-whole call and then a par call.

BofA Securities, Mizuho Securities USA Inc., MUFG, Scotia Capital (USA) Inc. and Wells Fargo are the bookrunners.

BB&T Capital Markets, BBVA Securities Inc., Regions Securities LLC and Synovus Securities, Inc. are the co-managers.

Proceeds will be used for general corporate purposes.

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