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Morning Commentary: Northrop Grumman set to price; Conagra, Phillips 66, Broadcom offer bonds
By Cristal Cody
Tupelo, Miss., Oct. 10 – Northrop Grumman Corp. (Baa2/BBB/BBB+) is expected to price a five-tranche offering of senior notes on Tuesday after the company held investor calls during the last session ahead of the long holiday weekend.
In addition, Conagra Brands, Inc. is marketing three-year floating-rate notes.
In other supply expected, Phillips 66 Partners LP intends to price a new offering of senior notes and a tap of its 4.68% senior notes due Feb. 15, 2045.
Also, Broadcom Ltd. subsidiaries Broadcom Corp. and Broadcom Cayman Finance Ltd. expect to price a Rule 144A and Regulation S private placement offering of senior notes.
About $15 billion to $20 billion of deal volume is expected by market participants for the week.
Banco Santander, SA intends to hold a roadshow starting on Wednesday and continuing through Oct. 13 for a Rule 144A and Regulation S dollar-denominated offering of senior notes (A3/BBB+/A-), according to a market source.
Much of the short week’s focus is expected to be on bank earnings with releases scheduled from Citigroup Inc., JPMorgan Chase & Co., Bank of America Corp. and Wells Fargo & Co.
In the secondary market, Northrop Grumman’s 3.2% senior notes due Feb. 1, 2027 traded early Tuesday at 100.93 compared to where the notes last traded on Friday at 101.17, a source said.
Northrop Grumman sold $750 million of the notes on Nov. 28, 2016 at 99.839 to yield 3.218% and a spread of 90 basis points over Treasuries.
In other secondary trading over the morning, Phillips 66 Partners’ 4.68% notes due 2045 softened to 97.64 from where the notes went out on Friday at 98.31, according to a market source.
Phillips 66 sold $300 million of the notes on Feb. 18, 2015 at 99.953 to yield 4.683% and a spread of 197 bps over Treasuries.
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