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Morning Commentary: Heavy supply pace continues; Exxon, UPS, Ameritrade, Duke on tap
By Cristal Cody
Tupelo, Miss., Aug. 13 – A second day of heavy supply is expected in the high-grade primary market with a number of issuers marketing bonds early Tuesday.
Exxon Mobil Corp. is on deck with a seven-part offering of notes, including one tranche of floating-rate notes and six tranches of fixed-rate notes.
United Parcel Service, Inc. is offering senior notes due 2024, 2029 and 2049.
TD Ameritrade Holding Corp. is marketing new fixed-rate senior notes.
Duke Realty LP plans to tap its 3.375% senior notes due Dec. 15, 2027 that were originally issued in December 2017.
Brixmor Operating Partnership LP also intends to reopen its 4.125% senior notes due May 15, 2029 that were issued in May.
In other supply, Regency Centers, LP plans to price guaranteed fixed-rate notes.
Deal volume is expected to total in the $25 billion to $30 billion or higher area this week, according to market sources.
Investment-grade issuers priced $11.1 billion of bonds on Monday in nine deals, including eight registered with the Securities and Exchange Commission and one Rule 144A and Regulation S offering.
Volume was led by Daimler Finance North America LLC’s $4 billion Rule 144A and Regulation S sale of senior notes (A2/A) in four tranches on Monday.
In the secondary market, Daimler’s notes tightened about 2 basis points to 6 bps, a source said.
The $500 million tranche of 3.1% notes due Aug. 15, 2029 firmed about 6 bps in secondary trading. The notes priced with a spread of 150 bps over Treasuries.
Investment-grade corporate secondary market volume reached $15.28 billion on Monday, Trace reported.
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