Morning Commentary: International Finance on deck; Narragansett Electric markets notes

By Cristal Cody

Tupelo, Miss., July 24 – International Finance Corp. (Aaa/AAA) is on deck Tuesday in the high-grade primary market with an offering of fixed-rate notes due July 31, 2023.

The notes were initially talked to print with a spread in the mid-swaps plus 4 basis points area, a source said.

Barclays, J.P. Morgan Securities LLC, Mizuho Securities USA LLC and TD Securities (USA) LLC are the bookrunners.

In other deal activity, Narragansett Electric Co. (A3/A-) started holding fixed income investor calls on Monday for a Rule 144A and Regulation S dollar-denominated note offering, according to a market source.

Barclays, Morgan Stanley & Co. LLC and MUFG are the bookrunners.

The electric and gas company subsidiary of National Grid USA Service Co., Inc. is based in Providence, R.I.

More than $5 billion of investment-grade bonds priced during Monday’s session.

Syndicate sources expect about $20 billion to $25 billion of new issuance this week.

In the previous week, more than $33 billion of investment-grade bonds priced on a healthy pipeline of bank and financial volume following second-quarter earnings releases.

Investors’ focus continues on earnings results with 200 companies scheduled to release profit reports this week, according to a BofA Merrill Lynch report.

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