Morning Commentary: Honeywell, American Express, Procter & Gamble, BB&T offer notes

By Cristal Cody

Tupelo, Miss., Oct. 23 – Several investment-grade issuers announced plans early Monday to tap the primary market.

Honeywell International Inc. is marketing two-year fixed- and floating-rate notes.

United Airlines, Inc. is offering pass-through certificates.

American Express Co. intends to price three tranches of notes, including fixed-rate notes due 2020 and 2024.

Procter & Gamble Co. plans to bring three tranches of fixed-rate notes to the primary market.

Also, BB&T Corp. is underway with a three-part offering of medium-term notes, which includes three-year and seven-year fixed-rate notes.

About $20 billion of high-grade bond deal volume is expected over the week, according to a market source.

Procter & Gamble released its first-quarter fiscal 2018 earnings results on Friday.

The company’s 2.85% senior notes due Aug. 11, 2027 (Aa3/AA-) softened to 99.94 early Monday from 99.98 on Friday, a source said.

The Cincinnati-based consumer products company priced $750 million of the 10-year notes on Aug. 9 at 99.793 to yield 2.874%, or a spread of 63 basis points over Treasuries.

Secondary market volume on Friday included $13.82 billion of bonds traded, according to Trace.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.