Morning Commentary: Broadridge offers notes after investor calls; high-grade supply thin

By Cristal Cody

Tupelo, Miss., Dec. 4 – Broadridge Financial Solutions, Inc. is offering $750 million of registered 10-year senior notes in the high-grade primary market on Wednesday.

The company held fixed income investor calls on Tuesday for the deal, a market source said.

Meanwhile, Fannie Mae announced it would forgo issuing a Benchmark note on Wednesday, its last scheduled funding opportunity of 2019.

Market activity was light over the morning with deal supply not likely to meet syndicate forecasts for the week, sources report.

High-grade issuers have priced nearly $6 billion of bonds week to date.

About $15 billion to $20 billion of deal volume was expected by syndicate sources for the week.

Supply so far has been led by Charter Communications, Inc.’s $1.3 billion add-on to its 4.8% split-rated senior secured notes due March 1, 2050 (Ba1/BBB-/BBB-) that priced on Monday.

In the secondary market, volume has been steady. On Tuesday, $19.98 billion of high-grade bonds were traded, down slightly from $20.74 billion of secondary market volume on Monday, according to Trace data.

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