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Morning Commentary: PacifiCorp offers first mortgage bonds; EIB, other deals on deck
By Cristal Cody
Tupelo, Miss., July 10 – High-grade deal volume is expected to pick up over Tuesday’s session following a light start to the week.
In the corporate space, PacifiCorp, a subsidiary of Berkshire Hathaway Energy Co., is offering first mortgage bonds.
Also on Tuesday, Japan Bank for International Cooperation is expected to price three tranches of guaranteed bonds registered with the Securities and Exchange Commission.
The offering includes notes due July 20, 2021 that were initially talked to price in the mid-swaps plus 28 basis points area, notes due July 20, 2023 guided to print in the mid-swaps plus 40 bps area and notes due July 20, 2028 talked to price in the mid-swaps plus 43 bps area.
BofA Merrill Lynch, Barclays, Mizuho Securities USA Inc. and Nomura International plc are the bookrunners.
In other supply expected during the session, the European Investment Bank plans to price a benchmark-sized dollar-denominated offering of global notes due Aug. 15, 2023 that were initially talked to print in the mid-swaps plus 8 bps area.
Deutsche Bank Securities Inc., J.P. Morgan Securities LLC and TD Securities are the lead managers.
Syndicate sources forecast about $15 billion to $20 billion of deal supply this week, a marked pickup from zero corporate issuance in the prior holiday week.
On Monday, the Commonwealth Bank of Australia priced $1.25 billion of five-year covered bonds as the sole reported issuer in the primary market.
While supply was thin on Monday, secondary trading volume climbed to $18.8 billion, according to Trace. On Friday, $7.58 billion of high-grade bonds were traded.
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