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Morning Commentary: High-grade deal pipeline fills; Xylem tightens; GM Financial mostly flat
By Cristal Cody
Eureka Springs, Ark., Oct. 4 – Primary action is expected in the investment-grade bond market over Tuesday’s session with at least three reported issuers lining up in the deal pipeline.
Sempra Energy plans to price an offering of three-year notes, while Realty Income Corp. is marketing long 10-year notes and ERP Operating LP is offering 10-year notes.
In the secondary market, Xylem Inc.’s new senior notes (Baa2/BBB) that priced on Monday tightened about 4 basis points to 12 bps.
General Motors Financial Co. Inc.’s 4% senior notes due 2026 sold during Monday’s session traded flat to 1 bp better in the secondary market.
The Markit CDX North American Investment Grade index opened mostly unchanged at a spread of 75 bps.
The three-month Libor yield was stable early Tuesday at 85 bps.
On Monday, $12.4 billion of investment-grade issues were traded, according to Trace.
Xylem tightens
Xylem’s 3.25% notes due 2026 firmed to 153 bps offered in the secondary market, a source said.
The company sold $500 million of the 10-year notes on Monday at a spread of 165 bps over Treasuries.
Xylem’s 4.375% notes due 2046 tightened to 206 bps offered.
The notes were sold in a $400 million tranche in Monday’s sale at Treasuries plus 210 bps.
The water technology company is based in White Plains, N.Y.
GM Financial mostly flat
General Motors Financial’s 4% notes due 2026 were quoted at 239 bps offered in secondary trading, according to a market source.
General Motors Financial (Ba1/BBB-/BBB-) priced $750 million of the 10-year notes on Monday at Treasuries plus 240 bps.
The notes are guaranteed by operating subsidiary AmeriCredit Financial Services, Inc.
General Motors Financial is the Fort Worth-based finance subsidiary of General Motors Co.
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