Morning Commentary: Pfizer among issuers set to tap primary market; Consolidated Edison firms

By Cristal Cody

Eureka Springs, Ark., Nov. 14 – Several high-grade bond issuers are poised to tap the primary market on Monday, while bonds remain mostly stronger in secondary trading.

Pfizer Inc. is marketing five tranches of notes.

Duke Energy Carolinas, LLC is in the deal pipeline with an offering of 10-year first and refunding mortgage bonds.

American Water Capital Corp. plans a two-part sale of senior notes.

Also, Westpac Banking Corp. intends to price an offering of subordinated notes due 2031.

Investment-grade corporate bonds remained mostly stronger in the secondary market as the week opened, while Treasuries continued to sell off early Monday.

Consolidated Edison Co. of New York, Inc.’s debentures (A2/A-/A-) traded about 1 basis point to 3 bps better than issuance.

The three-month Libor yield was at 91 bps early Monday. The Libor yield was reported at 89 bps on Thursday.

ConEd tightens

Consolidated Edison Co. of New York’s 4.3% debentures due 2056 were quoted at 137 bps bid early Monday, according to a market source.

Consolidated Edison sold $500 million of the 40-year series debentures on Thursday at a spread of 140 bps over Treasuries.

The electric utility is a subsidiary of New York City-based Consolidated Edison, Inc.

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