Morning Commentary: Lloyds, Celgene, GATX, Philip Morris, Constellation, Amgen bonds on tap

By Cristal Cody

Tupelo, Miss., Oct. 31 – High-grade bond issuers geared up to tap the primary market on Tuesday with several deals announced at the start of the session.

Lloyds Banking Group plc is planning a two-tranche offering of senior callable fixed-to-floating rate notes.

Celgene Corp. is offering three tranches of senior notes.

GATX Corp. is marketing senior notes due 2028.

Philip Morris International Inc. plans to sell two tranches of notes.

Constellation Brands, Inc. is in the deal pipeline with three tranches of senior notes.

Amgen Inc. is marketing 10-year senior notes.

The three-month Libor yield was reported at 1.38% over the morning.

Deal action was strong on Monday with more than $6 billion of bonds priced.

About $25 billion to $30 billion of total supply is expected by market sources for the week.

In high-grade secondary trading, $16.29 billion of bonds traded on Monday, according to Trace.

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