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Morning Commentary: GlaxoSmithKline, PPL, Entergy, Edison, National Rural offer bonds
By Cristal Cody
Tupelo, Miss., Sept. 28 – Several investment-grade issuers marketed bonds early Monday in what is expected to be a lighter volume week as September and the third quarter closes, sources report.
GlaxoSmithKline Capital plc is on deck with a tranche of three-year guaranteed fixed-rate notes (A2/A/A-).
PPL Electric Utilities Corp. is offering $250 million of floating-rate first mortgage bonds due in 2023 (A3/A-) on Monday.
Entergy Texas Inc. is marketing fixed-rate first mortgage bonds (Baa1/A) over the day.
Southern California Edison Co. plans to price first and refunding mortgage bonds due in 2026 (Baa2/BBB/BBB-).
In addition, National Rural Utilities Cooperative Finance Corp. plans to price fixed-rate collateral trust bonds.
A deal from Marathon Petroleum Corp. also may be on the near horizon after the company held a virtual roadshow and fixed income investor calls last week.
On Friday, the company announced the redemption of all $650 million outstanding of its 3.4% senior notes due Dec. 15, 2020 and all $300 million outstanding of its 6.25% senior notes due Oct. 15, 2022.
Market tone was positive over the morning with domestic stocks higher.
The iShares iBoxx Investment Grade Corporate Bond ETF rose 0.35% to 134.68 over the morning.
The Pimco Investment Grade Corporate Bond index was up 0.48% to 114.93.
About $20 billion to $25 billion of new supply is expected this week following more than $34 billion of issuance last week, according to syndicate sources.
Looking toward October, about $75 billion to $100 billion of volume is expected over the upcoming month.
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