Morning Commentary: Air Lease, Ares, EIB market notes; Patterson-UTI holds investor calls

By Cristal Cody

Tupelo, Miss., Jan. 8 – Three high-grade issuers announced plans early Monday to tap the primary market.

Air Lease Corp. intends to price senior notes due 2021 and 2025.

Ares Capital Corp. is offering notes.

Also, the European Investment Bank is marketing a benchmark-sized offering of notes due March 15, 2023 that was initially talked to price in the mid-swaps plus 17 basis points area. The notes are expected to price on Tuesday, a source said.

In addition, on Monday Patterson-UTI Energy, Inc. is scheduled to kick off a two-day round of fixed income investor calls for a $500 million Rule 144A and Regulation S offering of senior notes (Baa2/BBB), according to market sources.

BofA Merrill Lynch, Goldman Sachs and Wells Fargo Securities, LLC are the lead managers.

Investment-grade issuance is expected to be strong over the week with about $25 billion to $30 billion of supply forecasted, according to sources.

Issuers priced more than $21 billion of investment-grade bonds in the previous week.

Elsewhere, high-grade secondary market volume on Friday totaled $14.83 billion, Trace reported.

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