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Morning Commentary: High-grade issuers prep deals; Ford Motor softens; Dollar General steady
By Cristal Cody
Tupelo, Miss., March 28 – After a rare quiet Monday with no primary action, investment-grade deal volume is expected to ramp up quickly on Tuesday with at least nine issuers preparing to price bonds.
Companies in the deal pipeline include Ford Motor Credit Co. LLC, Dollar General Corp., United Parcel Service, Inc., Home BancShares, Inc., Keysight Technologies, Inc., Applied Materials, Inc., Rockwell Collins, Inc., Oklahoma Gas and Electric Co. and Omega Healthcare Investors, Inc.
About $25 billion to $30 billion of supply is forecast by market participants for the week.
Ford Motor Co.’s 4.346% senior notes due 2026 that priced in December were active but weaker in the secondary market as the session got underway.
Dollar General’s 4.15% senior notes due 2025 also were active in secondary trading and traded mostly unchanged from Friday.
On Monday, $13.89 billion of investment-grade bonds were traded, according to Trace.
Ford Motor softens
Ford Motor’s 4.346% notes due 2026 softened early Tuesday in secondary trading to 102.04 from where the notes last traded on Monday at 103.34, according to a market source.
The company sold $1.5 billion of the notes (Baa2//BBB) on Dec. 5 at par to yield a spread of 195 basis points over Treasuries.
The automaker is based in Dearborn, Mich.
Dollar General active
Dollar General’s 4.15% senior notes due 2025 traded early Tuesday at 103.52, a market source said.
The notes were last seen in the secondary market on Friday at 103.53.
Dollar General priced $500 million of the notes (Baa3/BBB) on Oct. 15, 2015 at 99.84 to yield 4.169% and a spread of Treasuries plus 215 bps.
The discount retailer is based in Goodlettsville, Tenn.
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