Morning Commentary: Prudential on tap; AbbVie offering eyed; Unibail-Rodamco prices

By Cristal Cody

Tupelo, Miss., Sept. 13 – Two issuers firmed details of new investment-grade bond offerings on Thursday, while another issuer is set to begin a deal roadshow during the session.

Prudential Financial, Inc. is marketing 30-year fixed-to-floating rate junior subordinated notes.

AbbVie Inc. is on deck with a four-tranche offering of senior notes.

Also on Thursday, Nestle Holdings Inc. will start a roadshow for a Rule 144A and Regulation S offering of dollar-denominated senior notes. BofA Merrill Lynch, Barclays, Citigroup Global Markets Inc. and J.P. Morgan Securities LLC are the bookrunners.

In addition, Unibail-Rodamco-Westfield SE announced early Thursday that it priced $1 billion of senior notes in two tranches.

More than $22 billion of high-grade bonds have priced week to date.

About $25 billion to as much as $40 billion of issuance was expected by market sources for the week.

In the secondary market, trading volume has grown over the week with $18.14 billion of bonds traded on Wednesday, up from $17.19 billion on Tuesday and $12.82 billion on Monday, according to Trace data.

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