Morning Commentary: Pfizer, energy suppliers, ICE, RELX, Unum to tap high-grade primary

By Cristal Cody

Tupelo, Miss., May 18 – Pfizer Inc. is offering four tranches of fixed-rate senior notes (A1/AA-/A) on Monday, while a handful of energy suppliers expects to tap the high-grade primary market during the session.

Pfizer is marketing five-, 10-, 20- and 30-year tranches.

Diamondback Energy, Inc. plans to price $500 million of five-year split-rated senior notes (Ba1/BBB-/BBB) over the day.

Equinor ASA (Aa2/AA-) is offering two tranches of fixed-rate guaranteed notes.

Evergy Metro, Inc., formerly known as Kansas City Power & Light Co., is marketing new fixed-rate first mortgage bonds (A2/A) on Monday.

Duke Energy Ohio, Inc. is offering 10-year first mortgage bonds due (A2/A-) during the session.

Piedmont Natural Gas Co., Inc. plans to sell 30-year senior notes (A3/A-).

Northern States Power Co. intends to bring $100 million of first mortgage bonds (Aa3/A/A+) to the primary market.

Also on Monday, Intercontinental Exchange Inc. is offering two tranches of senior notes (A2/A).

RELX Capital Inc. plans to price 10-year guaranteed notes (Baa1/BBB+/BBB+).

In addition, Unum Group is offering five-year senior notes (Baa3/BBB/BBB) after holding fixed income investor calls last week.

About $30 billion to $40 billion of deal volume is anticipated by market participants this week.

Investment-grade issuance is expected to be front-loaded with volume thinning by Thursday ahead of the early market close on Friday and Memorial Day holiday on May 25, sources said.

In other activity on Monday, Banco Santander, SA (Baa1/A-/A-) begins a two-day round of fixed income investor calls for a dollar-denominated offering of senior notes.

BofA Securities, Citigroup, Deutsche, Morgan Stanley, Santander and Wells Fargo Securities LLC are the arrangers.

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