Morning Commentary: High-grade deal pipeline fills; Lazard, Ryder, Kimco prep; Honeywell flat

By Cristal Cody

Eureka Springs, Ark., Nov. 1 – Heavy primary action is expected in the high-grade bond market on Tuesday.

Issuers including Lazard Group LLC, Rogers Communications Inc., Kimco Realty Corp., Ryder System, Inc., Southwest Airlines Co. and EQT Midstream Partners, LP are marketing notes.

In the secondary market, bonds were mixed.

Honeywell International Inc.’s new 2.5% notes due 2026 were unchanged but remain softer than issuance.

The three-month Libor yield was stable over the morning at 89 basis points.

On Monday, $15.88 billion of investment-grade issues traded, according to Trace.

Honeywell steady

Honeywell International’s 2.5% notes due 2026 traded flat at 82 bps offered, according to a market source.

Honeywell sold $1.5 billion of the notes (A2/A/A) on Oct. 24 at a spread of Treasuries plus 78 bps.

Honeywell is a technology and manufacturing company based in Morristown, N.J.

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