Morning Commentary: Toronto-Dominion Bank, Xerox market notes; Xerox’s existing notes improve

By Cristal Cody

Tupelo, Miss., Sept. 7 – The Toronto-Dominion Bank announced on Thursday plans to tap the U.S. high-grade bond market with an offering of three-year senior medium-term notes a day after Bank of Montreal priced $2.5 billion of senior medium-term notes in four tranches.

Pricing action has been heavy over the first two sessions of the week with deal action expected to lighten somewhat on Thursday, according to market sources.

Xerox Corp. is marketing two tranches of senior notes.

In addition, Pitney Bowes Inc. intends to bring a two-part notes deal to the primary market.

As much as $40 billion of supply is expected over the holiday shortened week.

Secondary trading volume rose to $15.7 billion on Wednesday from $12.86 billion on Tuesday, according to Trace.

Xerox’s existing 3.5% senior notes due 2020 traded modestly better over the morning at 103.17 from where the notes went out on Wednesday at 103.09, a market source said.

The company sold $400 million of the notes (Baa3/BBB-/BBB-) on Aug. 17, 2015 at Treasuries plus 212.5 basis points.

The maker of office machines is based in Norwalk, Conn.

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