Morning Commentary: Florida Power, PPL Electric, E*Trade, Prologis, Air Lease market notes

By Cristal Cody

Tupelo, Miss., June 11 – Investment-grade deal action is expected to be front-loaded over the week, and several issuers lined up at the start of Monday’s session to announce offerings.

Florida Power & Light Co. plans to price floating-rate notes due June 15, 2068 at Libor plus 30 basis points, while PPL Electric Utilities Corp. is offering first mortgage bonds.

Also on deck, E*Trade Financial Corp. is marketing senior notes, Prologis, LP is offering two tranches of notes and Air Lease Corp. plans to price senior notes.

Air Lease held fixed income investor calls in May for a new issue.

In other primary market action, Canada Pension Plan Investment Board intends to price an inaugural issue of green bonds.

Market sources forecast about $15 billion to $20 billion of supply over the week with heavier volume expected in the front half of the week due to a heavy load of events that include the U.S. summit with North Korea and central bank policy meetings.

Looking at the previous week, investment-grade issuers sold nearly $40 billion of high-grade bonds.

The investment-grade secondary market ended Friday with $12.99 billion of trading volume, according to Trace data.

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