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Morning Commentary: Ecolab, CSX in deal pipeline; Sumitomo Mitsui, Phillips 66 tighten
By Cristal Cody
Eureka Springs, Ark., Oct. 13 – Ecolab Inc. and CSX Corp. are among the investment-grade bond issuers expected to tap the primary market on Thursday.
Ecolab plans a two-part notes offering, while CSX is marketing three tranches of notes due 2026, 2046 and 2066.
Sumitomo Mitsui Financial Group Inc.’s senior notes that priced on Tuesday traded about 3 basis points to 5 bps better than issuance in the secondary market early Thursday.
Phillips 66 Partners LP’s 3.55% senior notes due 2026 that were sold on Tuesday tightened about 7 bps in secondary trading.
The Markit CDX North American Investment Grade index opened modestly softer at a spread of 77 bps.
The three-month Libor yield was up 1 bp to 88 bps over the morning.
High-grade secondary trading volume rose to $16.69 billion on Wednesday from $15.4 billion on Tuesday, according to Trace.
Sumitomo Mitsui firms
Sumitomo Mitsui Financial’s 2.442% notes due 2021 were quoted early Thursday at 110 bps offered in the secondary market, a source said.
The company sold $1.5 billion of the five-year notes on Tuesday at a spread of 115 bps over Treasuries.
The tranche of 3.01% notes due 2026 were quoted at 122 bps offered.
Sumitomo Mitsui Financial sold $1.5 billion of the 10-year notes in Tuesday’s sale at Treasuries plus 125 bps.
The banking and financial company is based in Tokyo.
Phillips 66 improves
Phillips 66 Partners’ 3.55% notes due 2026 traded at 173 bps offered, according to a market source.
The company priced $500 million of the 10-year notes (Baa3/BBB) on Tuesday at a spread of 180 bps over Treasuries.
The oil, petroleum and natural gas company is based in Houston.
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