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Morning Commentary: Heavy supply from Pfizer, Leggett & Platt, Brown & Brown on tap
By Cristal Cody
Tupelo, Miss., March 4 – Heavy primary action is expected over Monday’s session with a number of high-grade issuers eying new bond deals.
Pfizer Inc. is marketing a five-part transaction that includes three-, five-, 10-, 20- and 30-year fixed-rate notes.
Leggett & Platt, Inc. is offering 10-year senior notes after the company held fixed income investor calls on Friday.
Duke Energy Progress, LLC intends to price 10-year first mortgage bonds.
Brown & Brown, Inc. is on deck with an offering of senior notes.
WEC Energy Group, Inc. plans to price senior notes.
Appalachian Power Co. also intends to price new senior notes.
About $25 billion to $30 billion of issuance is forecast by market sources this week.
Investment-grade issuers priced more than $24 billion of bonds last week.
Volume this month is expected to total in the $100 billion to $120 billion area, according to market sources.
March typically is one of the busiest supply months of the year and has accounted for 11% of annual supply on average since 2010, according to a BofA Merrill Lynch research note released on Monday.
However, issuance may be lighter since volume was strong in February. Volume in the previous month totaled about $106 billion, down 10% from January but up 8% from the $98 billion of bonds priced in February 2018, according to the report.
Supply in February included nearly $20 billion of U.S. financial issuance, about $61 billion of U.S. non-financial supply and more than $25 billion of Yankee bonds, the report said.
In February, overall new issue performance “improved to the strongest level since February 2017” as the average new issue concession narrowed to 0.8 basis point from 5.4 bps in January. Break performance was slightly weaker at 3.8 bps improvement compared with 5.1 bps tighter in January, according to the report.
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