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Morning Commentary: High-grade supply thin; Rogers, Nexa on tap; PG&E starts deal calls
By Cristal Cody
Tupelo, Miss., June 15 – Light high-grade primary market action is expected on Monday under a risk-off tone and numerous issuers on the sidelines over rising global Covid-19 infections, sources said.
Toronto-based communications and media company Rogers Communications Inc. is offering two-year registered senior floating-rate notes (Baa1/BBB+/BBB+) on Monday.
Luxembourg-based South American mineral mining and resources producer Nexa Resources SA is on deck with a $500 million offering of split-rated senior notes.
Initial price talk is in the 7% area.
As little as $20 billion to about $40 billion of high-grade supply is expected by market participants this week.
Several issuers also are holding fixed income investor calls.
Pacific Gas and Electric Co. kicks off global fixed income investor calls on Monday for an investment-grade registered benchmark offering of first mortgage bonds as part of its reorganization funding from Chapter 11 bankruptcy.
The high-grade bonds are expected to price this week, depending on market conditions.
Parent company PG&E Corp. and Pacific Gas also are expected to price high-yield bonds, a term loan, common stock and equity units as part of the company’s reorganization funding from Chapter 11 bankruptcy.
Later in the week, Ford Foundation is expected to price a $1 billion two-tranche offering of long-dated taxable social bonds (Aaa/AAA) on Thursday.
Nearly a dozen issuers stood down last week as stocks faltered and investment-grade credit spreads widened.
Investment-grade issuers sold more than $27 billion of bonds over last week.
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