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Morning Commentary: Marsh & McLennan, Energy Transfer, ORIX, BNG Bank offer notes
By Cristal Cody
Tupelo, Miss., Jan. 8 – The high-grade deal pipeline filled quickly over the morning with Tuesday’s session expected to see deals in both the corporate and sovereign, supranational and agency markets.
Marsh & McLennan Cos., Inc. is offering six tranches of senior notes, including one tranche of floating-rate notes.
Energy Transfer Operating, LP intends to price four tranches of fixed-rate senior notes.
ORIX Corp. also is on deck with a senior note offering.
In SSA supply, BNG Bank NV (Aaa/AAA/AA+) intends to price a benchmark-sized Rule 144A and Regulation S offering of two-year notes during the session.
The notes due Jan. 15, 2021 were initially talked to price with a spread in the mid-swaps plus 5 basis points area.
Also, the European Investment Bank (Aaa/AAA/AAA) plans to bring dollar-denominated five-year global notes to the primary market on Tuesday, according to an informed source.
The notes due March 15, 2024 were initially talked to price in the mid-swaps plus 14 bps area.
In other activity early Tuesday, Fannie Mae announced it plans to price new three-year Benchmark Notes on Wednesday.
Meanwhile, Danske Bank A/S is underway on Tuesday with a roadshow and fixed income investor calls for a dollar-denominated Rule 144A and Regulation S benchmark-sized offering of notes (Baa2/A/A), a source said.
About $25 billion to $30 billion of deal volume is forecast by market sources for the week.
High-grade supply on Monday included $3.7 billion of corporate issuance.
New issues priced in the previous session tightened about 1 basis point to 7 bps in the secondary market, a source said.
Kroger Co.’s $1.2 billion two-part issue of senior notes (Baa1/BBB) that priced on Monday improved about 1 bp to 2 bps.
The secondary market ended Monday’s session with $20.98 billion of overall trading volume, according to Trace.
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