Morning Commentary: Alberta, Potash, Allstate on tap; Time Warner firms; secondary volume rises

By Cristal Cody

Eureka Springs, Ark., Dec. 1 – Several investment-grade issuers, including two Canadian issuers, are preparing to price dollar-denominated bonds during Thursday’s session.

The Province of Alberta, Potash Corp. of Saskatchewan Inc. and Allstate Corp. are marketing bond deals.

In secondary trading, Time Warner Inc.’s 3.8% notes due Feb. 15, 2027 that priced on Tuesday improved about 2 basis points.

The three-month Libor yield was down 1 bp to 93 bps early Thursday, a market source said.

On Wednesday, secondary trading volume was heavy with $25.2 billion of bonds traded, Trace reported. Secondary trading volume totaled $18.4 billion on Tuesday and $16.88 billion on Monday.

Time Warner firms

Time Warner’s 3.8% notes due 2027 were seen about 2 bps tighter at 148 bps bid in the secondary market, according to a source.

Time Warner sold $1.5 billion of the notes (Baa2/BBB-/BBB+) on Tuesday at a spread of 155 bps over Treasuries.

The media company is based in New York.

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