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Morning Commentary: PSE&G notes offering on deck; issuers hold fixed income investor calls
By Cristal Cody
Tupelo, Miss., May 2 – Public Service Electric & Gas Co. announced plans early Wednesday to price 10- and 30-year secured medium-term notes.
The Newark, N.J., utility filed a $2.5 billion prospectus supplement on Wednesday to sell up to $2.5 billion of the series M secured medium-term notes in one- to 30-year maturities.
In other activity over the morning, Lloyds Bank plc and Lloyds Banking Group plc gave additional details of issues that priced on Tuesday.
Potential deals
A couple of issuers also are eyeing possible deals.
TransCanada Pipelines Ltd. (A3/A-/A-) held fixed income investor calls on Tuesday, a market source said. J.P. Morgan Securities LLC and Deutsche Bank Securities Inc. were the arrangers.
Oshkosh Corp. (Ba1/BBB/BBB-) also held fixed income investor calls during the previous session via BofA Merrill Lynch, J.P. Morgan Securities LLC and Wells Fargo Securities, LLC.
Volume eases
Investment-grade deal volume thinned on Tuesday to just over $4 billion of issuance from more than $8 billion of supply on Monday. Active primary action is expected by syndicate sources over the week with $25 billion to $30 billion of issuance forecast.
Holiday market closures in Europe and other countries on Tuesday as well as the Federal Reserve’s two-day monetary policy meeting that ends Wednesday may be impacting primary market activity, sources said.
The Federal Reserve is expected to leave rates unchanged.
In the secondary market, high-grade bonds have been mostly softer this week across sectors including financial, retail and telecommunications, according to market sources.
Secondary trading volume fell to $17.47 billion on Tuesday from $20.92 billion on Monday, according to Trace.
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