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Morning Commentary: Lowe’s, Steel Dynamics, Conagra, Smith & Nephew, Omega on deck
By Cristal Cody
Tupelo, Miss., Oct. 7 – Investment-grade supply continues to pour into the primary market this week with numerous issuers offering bonds on Wednesday, sources note.
Lowe's Cos., Inc. plans to bring three tranches of fixed-rate notes (Baa1/BBB+) to the primary market.
Steel Dynamics, Inc. is offering two tranches of fixed-rate senior notes (Baa3/BBB-/BBB) following fixed income investor calls held on Tuesday.
Conagra Brands, Inc. is marketing fixed-rate senior notes (Baa3/BBB-/BBB-) during the session.
Newly rated Smith & Nephew plc (Baa2/BBB+) plans to price fixed-rate 10-year notes.
Omega Healthcare Investors, Inc. also is in the primary market on Wednesday offering fixed-rate senior notes (Baa3/BBB-/BBB-). The company held fixed income investor calls on Tuesday.
Investment-grade issuers have priced more than $15 billion of corporate and sovereign, supranational and agency bonds week to date.
About $15 billion to $20 billion of high-grade supply was expected by market participants this week.
Market tone was improved with stock indices recovering more than 1% over the morning.
The iShares iBoxx Investment Grade Corporate Bond ETF rose 0.13% to 134.42.
The Pimco Investment Grade Corporate Bond index was up modestly by 0.06% at 114.66.
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