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Morning Commentary: Occidental Petroleum, Public Service Colorado hold investor calls
By Cristal Cody
Tupelo, Miss., Aug. 2 – Activity in the high-grade primary market quieted on Friday with a couple of issuers considering new bond deals.
Occidental Petroleum Corp. will continue to hold fixed income investor calls for a second day on Friday for an offering of up to nine tranches of senior notes to fund its acquisition of Anadarko Petroleum Corp.
BofA Securities, Inc. Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Wells Fargo Securities LLC are the bookrunners.
Also on Friday, Public Service Co. of Colorado will hold fixed income investor calls for a possible offering of first mortgage bonds (A1/A-/A+), according to a market source.
Barclays, Citigroup, PNC Capital Markets LLC and TD Securities (USA) LLC are the arrangers.
Investment-grade companies have priced more than $23 billion of bonds week to date, in line with market forecasts of about $20 billion to $25 billion of volume for the week.
Supply has been led this week by Boeing Co.’s $5.5 billion six-tranche offering of senior notes that priced on Monday.
August deal volume is expected to total in the $75 billion up to $100 billion area, according to market sources.
Meanwhile, flows in the high-grade space, including corporate bonds, mortgage bonds, agencies and Treasuries, softened for the past week ended Wednesday, Yuri Seliger, a credit strategist with BofA, said in a research note released on Friday.
High-grade inflows slowed to $1.7 billion from $3.61 billion in the previous week on the back of slower inflows for short-term high-grade, down to $560 million from $1.29 billion a week earlier, and excluding short-term high-grade, which declined to $1.15 billion from $2.32 billion.
Flows also declined for high-grade funds to $1.29 billion from $2.19 billion in the previous week, Seliger said.
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