Morning Commentary: Cardinal Health, Healthcare Trust, Arrow fill deal pipeline; Tyson flat

By Cristal Cody

Tupelo, Miss., June 1 – Investment-grade primary activity took shape early Thursday with several bond deals expected to price over the session.

Cardinal Health, Inc. is marketing five tranches of senior notes.

Healthcare Trust of America Holdings, LP plans to price five- and 10-year notes.

Arrow Electronics, Inc. is offering 11-year notes.

In secondary market activity over the morning, Tyson Foods Inc.’s new 3.55% senior notes due June 2, 2027 were unchanged but more than 1 point better than issuance.

In the broader high-grade bond market, secondary trading volume climbed to $20.26 billion on Wednesday from $14.94 billion on Tuesday, according to Trace.

Tyson notes open flat

Tyson Foods’ 3.55% senior notes due June 2, 2027 were flat early Thursday at 101.02, according to a market source.

Tyson sold $1.35 billion of the notes on May 23 at 99.833 to yield 3.57%, or a spread of Treasuries plus 128 basis points.

The food company is based in Springdale, Ark.

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