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Morning Commentary: Choice Hotels, Carpenter, Tokyo Metro, International Finance on tap
By Cristal Cody
Tupelo, Miss., July 9 – Corporate and sovereign, supranational and agency issuance is expected to continue on Thursday in the high-grade primary market, sources report.
Choice Hotels International, Inc. plans to price new senior notes (Baa3/BBB-) during the session following fixed income investor calls held on Wednesday.
Meanwhile, Carpenter Technology Corp. is marketing $400 million of eight-year split-rated senior notes (Ba3/BBB-) on Thursday with pricing expected on Friday.
SSA issuance is expected to continue over the day following Japan Bank for International Cooperation’s $2.5 billion offering of five-year guaranteed bonds (A1/A+) on Wednesday.
Tokyo Metropolitan Government (A+) is offering dollar-denominated five-year senior notes with initial price talk in the mid-swaps plus 54 basis points area.
Japan International Cooperation Agency also is offering dollar-denominated guaranteed bonds during the session.
In addition, International Finance Corp. (Aaa/AAA) plans to price a dollar-denominated offering of five-year global notes. Initial price talk is in the mid-swaps plus 14 bps area.
About $17 billion of corporate high-grade bonds and nearly $15 billion of SSA notes have priced week to date.
About $20 billion to $25 billion of deal volume was expected this week.
In the secondary market, new issues are mostly trading wrapped around issuance to moderately tighter, a market source said.
Ares Capital Corp.’s $750 million of 3.875% senior notes due Jan. 15, 2026 (Baa3/BBB-/BBB) that priced on Wednesday firmed 9 bps in secondary trading.
The notes were priced at a spread of Treasuries plus 370 bps.
Initial price talk was in the Treasuries plus 387.5 bps area.
Overall corporate high-grade secondary market volume this week has included $21.91 billion of issues traded on Wednesday, $20.4 billion on Tuesday and $17.67 billion on Monday, according to Trace data.
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