Morning Commentary: Pfizer, MUFG, Caterpillar, Duke Realty, Bunge on tap in primary

By Cristal Cody

Tupelo, Miss., Sept. 4 – Investment-grade deal action ramped up on Tuesday as market sources predicted following the long holiday weekend.

Pfizer Inc. is offering six tranches of notes in the company’s first multi-tranche bond offering since it priced a $6 billion five-part deal on Nov. 14, 2016.

Mitsubishi UFJ Financial Group, Inc. plans to sell new 10-year notes and reopen its five-year fixed- and floating-rate notes that were first priced in July.

Caterpillar Financial Services Corp. is marketing floating-rate medium-term notes.

Duke Realty LP intends to price 10-year senior notes.

PECO Energy Co. plans to offer an add-on to its $325 million of 3.9% first and refunding mortgage bonds due March 1, 2048 that originally priced in February.

Also, Bunge Ltd. Finance Corp. intends to sell guaranteed senior notes.

About $45 billion to $55 billion of bond issuance for the holiday-shortened week is expected by market sources following light supply last week. Just under $7 billion of investment-grade bonds, including $2.5 billion of corporate bonds, priced in the previous week.

In the high-grade secondary market, trading volume totaled $9.21 billion on Friday ahead of the three-day holiday weekend, according to Trace data.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.