Morning Commentary: Italy, Nordic Investment Bank, Bank of Nova Scotia on deck

By Cristal Cody

Tupelo, Miss., Oct. 9 – Several investment-grade issuers are expected to tap the primary market on Wednesday.

Italy plans to price its first dollar-denominated bond offering since 2010. Italy is marketing a three-tranche offering of global notes that includes five-, 10- and 30-year notes.

Initial price talk on the notes due Oct. 17, 2024 is in the mid-swaps plus 125 basis points to 130 bps area.

The tranche of notes due Oct. 17, 2029 is initially talked to price with a spread in the mid-swaps plus 165 bps to 170 bps area.

Price talk on the notes due Oct. 17, 2049 is in the mid-swaps plus 250 bps to 255 bps area.

Barclays, HSBC Securities (USA) Inc. and J.P. Morgan Securities LLC are the bookrunners.

In addition, Nordic Investment Bank is on deck with $1 billion of three-year global notes expected to print during the session.

The notes due Oct. 17, 2022 are initially talked to price in the mid-swaps plus 8 bps area.

J.P. Morgan Securities, HSBC Securities, RBC Capital Markets LLC and TD Securities (USA) LLC are the bookrunners.

On the corporate side, Bank of Nova Scotia is offering senior bail-inable notes.

Week to date, more than $16 billion of corporate and sovereign, supranational and agency bonds have priced.

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