Morning Commentary: Fiserv, Aircastle on deck; International Flavors eyes deal; Nestle firms

By Cristal Cody

Tupelo, Miss., Sept. 20 – Several high-grade issuers marketed bond offerings at the start of Thursday’s session.

Financial services technology provider Fiserv, Inc. intends to price two tranches of senior notes.

Aircastle Ltd. plans to sell $500 million of five-year senior notes.

In other activity, International Flavors & Fragrances Inc. (Baa3/BBB) is expected to hold a roadshow on Thursday and Friday for a dollar-denominated multiple-tranche offering of notes, according to a market source.

The company also launched a two-part offering of euro-denominated senior notes on Thursday.

BNP Paribas Securities Corp., Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC are the roadshow arrangers.

Investment-grade issuers have priced more than $28 billion of bonds week to date with most of the bonds seen modestly better in the secondary market, a source said.

Nestle Holdings Inc.’s $8 billion of bonds (Aa2/AA-) that priced in six tranches on Monday are trading about 2 basis points to 5 bps tighter than issuance.

Overall secondary trading volume week to date includes $19.83 billion of high-grade issues on Wednesday, $20.61 billion on Tuesday and $15.71 billion on Monday, according to Trace data.

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