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Morning Commentary: Mizuho markets two tranches; FHLBanks plans tap; Total Capital notes firm
By Cristal Cody
Tupelo, Miss., July 9 – Mizuho Financial Group, Inc. is marketing senior fixed-to-floating-rate notes and senior floating-rate notes in a new investment-grade offering on Tuesday.
Tokyo-based Mizuho’s offering follows Tokyo-based Sumitomo Mitsui Financial Group Inc.’s $4 billion two-tranche offering of senior notes priced on Monday.
Japan’s Panasonic Corp. also started a global roadshow on Friday for a Rule 144A and Regulation S dollar-denominated note offering.
The fixed income investor meetings and calls are being held in the U.S., Europe and Asia markets, a source said.
In other issuance expected on Tuesday, Federal Home Loan Bank System announced it plans to reopen its 3.25% Global Notes due Nov. 16, 2028 via a Dutch auction process.
Monday’s session was heavy with supply and included nearly $12 billion of bond issuance, led by Sumitomo Mitsui’s deal and a $4 billion four-part offering of guaranteed notes from Total Capital International.
About $15 billion to $20 billion of volume was expected this week after no corporate deals priced in the first week of July, according to syndicate sources.
Secondary trading also was active on Monday with $18.29 billion of investment-grade bonds traded, according to Trace.
Total Capital’s notes (Aa3/A+) tightened about 2 basis points to 4 bps in the secondary market after issuance, a source said.
The company’s 2.819% notes due Jan. 10, 2030 improved about 2 bps.
Total Capital sold $1.25 million of the long 10-year notes at a Treasuries plus 78 bps spread.
The notes are unconditionally guaranteed by parent company Total SA, a Courbevoie, France-based oil and gas company.
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