Morning Commentary: Highwoods firms deal details; American Express, Kinder Morgan on deck

By Cristal Cody

Tupelo, Miss., Feb. 22 – Several investment-grade issuers marketed new bonds early Thursday following strong supply in the previous session.

Highwoods Realty LP firmed details for an offering of 10-year notes a day after the company held fixed income investor calls, a source said.

Elsewhere, American Express Co. announced an offering of five-year notes in fixed- and floating-rate tranches.

Kinder Morgan, Inc. also is on deck with a two-tranche senior note deal.

Boston Scientific Corp. said it plans to sell senior notes.

Also, PPG Industries, Inc. is eying a two-part offering of notes.

Deal action was strong on Wednesday and included issuance from MasterCard Inc., Boeing Co., Motorola Solutions, Inc., Western Gas Partners, LP, Ryder System, Inc. and Bank Nederlandse Gemeenten NV.

Secondary trading volume improved over Wednesday’s session with $19.42 billion of high-grade bonds traded, up from $16.55 billion on Tuesday, according to Trace.

In other activity, the three-month Libor hit 1.9% on Thursday, up 1 basis point, according to a market source.

In the same period a year ago, the Libor was steady at 1.05%.

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