Morning Commentary: American Honda, Enterprise Products, Eversource, Ventas on deck

By Cristal Cody

Tupelo, Miss., June 24 – Several high-grade issuers announced plans early Monday to tap the primary market with registered bond deals.

American Honda Finance Corp.’s Honda Financial Services is offering three tranches of medium-term notes.

The deal includes two tranches of fixed-rate notes and one tranche of floating-rate notes.

Enterprise Products Operating LLC plans to price two tranches of guaranteed fixed-rate senior notes.

Public Service Co. of New Hampshire, doing business as Eversource Energy, is offering $300 million of 30-year first mortgage bonds.

Also, Ventas Realty LP intends to price guaranteed fixed-rate senior notes.

About $15 billion of supply is forecast for this week with the chance of opportunistic issuers strong, depending on market tone and global trade developments, syndicate sources said.

Issuance is expected to slow headed into July as companies enter second-quarter earnings blackout reporting periods, market sources said.

Deal volume was light last week with about $10 billion of supply, short of the $15 billion to $20 billion of issuance expected.

The final week of June has seen a historical average of $12 billion of investment-grade corporate issuance, according to a BofA Securities research note released on Monday.

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