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Morning Commentary: Mitsubishi UFJ, Inter-American Development Bank on tap; Mizuho improves
By Cristal Cody
Tupelo, Miss., July 11 – New supply in the high-grade bond market on Thursday is expected to include deals from Mitsubishi UFJ Financial Group, Inc. and the Inter-American Development Bank.
Mitsubishi UFJ is offering four tranches of fixed-rate senior notes due 2022, 2024, 2029 and 2039.
Inter-American Development Bank plans to price a $250 million reopening of its global floating-rate notes due March 15, 2022 on Thursday, according to a market source.
The series No. 712 notes were initially talked to price in the Libor plus 5 basis points area.
Mitsubishi joins several other Japanese issuers in tapping the dollar-denominated primary market this week.
The Japanese supply has included a $4 billion two-tranche offering of senior notes from Sumitomo Mitsui Financial Group Inc. on Monday, a $2.75 billion four-part offering of notes from Mizuho Financial Group, Inc. on Tuesday and a $2.5 billion three-part Rule 144A and Regulation S offering of notes on Wednesday from Panasonic Corp.
More than $24 billion of high-grade bonds have priced already week to date.
About $15 billion to $20 billion of volume was expected by market sources for the week.
In other activity on Thursday, market participants will be focusing on the second day of a monetary policy report to Congress from Federal Reserve chairman Jerome Powell.
Market sources are widely reporting they expect a rate cut of 25 bps with the possibly of a cut as much as 50 bps at the Fed’s July 30-31 monetary policy meeting following Powell’s testimony on Wednesday.
In the secondary market, Mizuho Financial’s new notes traded about 2 bps to 3 bps tighter than issuance, a source said.
Secondary trading volume included $18.97 billion of bonds on Wednesday, compared to $20.43 billion on Tuesday and $18.29 billion on Monday, according to Trace.
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