Morning Commentary: DH Europe, State Street, DTE, PNC, Ford, JetBlue market securities

By Cristal Cody

Tupelo, Miss., Oct. 29 – The investment-grade primary market opened on a strong note with a number of issuers marketing bonds early Tuesday.

DH Europe Finance II Sarl is offering five tranches of senior notes.

State Street Corp. plans to price fixed-to-floating rate senior notes due 2025 and fixed-to-floating rate senior subordinated notes due 2034.

DTE Energy Co. expects to bring two tranches of fixed-rate senior notes due 2022 and 2030.

PNC Financial Services Group, Inc. intends to sell senior notes due 2024.

Sandy Spring Bancorp is marketing 10-year fixed-to-floating rate subordinated notes.

Ford Motor Credit Co. LLC plans to price fixed-rate notes.

In addition, JetBlue Airways Corp. is on deck with $772,255,000 of pass through certificates.

The new deals being marketed follow a strong session on Monday that saw issuers including Citigroup Inc. and Hershey Co. in the high-grade primary market.

Deal volume is forecast to be front-loaded this week ahead of the Federal Reserve’s monetary policy decision on Wednesday.

The Federal Reserve’s Federal Open Market Committee kicks off the two-day policy meeting on Tuesday. A rate cut of 25 basis points is widely forecast by market participants.

About $15 billion to $20 billion of investment-grade supply is being eyed to hit the primary market this week, sources report.

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