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Morning Commentary: Strong supply on tap; AstraZeneca, Apache, Roper, IBRD eye deals
By Cristal Cody
Tupelo, Miss., Aug. 14 – The high-grade primary market is expected to remain busy on Tuesday with several bond deals in the works.
AstraZeneca plc is marketing four tranches of notes.
Apache Corp. announced details of a 10-year note offering at the start of the day following the company’s fixed income investor calls held on Monday.
AerCap Ireland Capital DAC and co-issuer AerCap Global Aviation Trust intend to bring new guaranteed senior notes to the primary market.
Roper Technologies, Inc. is on deck with a two-part offering of senior notes.
Also, Oklahoma Gas & Electric Co. plans to price $400 million of new senior notes due Aug. 15, 2028.
In addition, after no SSA supply in the previous week, the International Bank for Reconstruction and Development intends to tap the primary market on Tuesday using a benchmark that may be used to replace Libor, which will be phased out by 2021.
World Bank is offering dollar-denominated global notes due Aug. 21, 2020 that were initially talked to price with a spread at the Secured Overnight Financing Rate plus 23 basis points area, according to a market source.
Citigroup Global Markets Inc. and TD Securities (USA) LLC are the bookrunners.
The strong deal pace follows more than $14 billion of volume on Monday that was led by an $11 billion seven-tranche issue of notes from United Technologies Corp.
Other issuers that remain in the near-term deal pipeline include Black Hills Corp. and Elanco Animal Health Inc.
Market sources predict the week to see about $25 billion to $30 billion of new issuance.
The high-grade secondary market ended Monday’s session with $12.95 billion of bonds traded, according to Trace data.
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