Morning Commentary: MPLX, Rogers Communications market high-grade deals; MPLX trades

By Cristal Cody

Tupelo, Miss., Feb. 5 – Two investment-grade bond issuers announced plans early Monday to tap the primary market.

MPLX LP plans to price four tranches of fixed-rate senior notes.

The Findlay, Ohio-based owner, operator and developer of crude oil pipeline and midstream assets was last in the primary market a year ago with a $2.25 billion two-part offering of fixed-rate senior notes (Baa3/BBB-/BBB-).

In other upcoming supply, Toronto-based communications and media company Rogers Communications Inc. is offering U.S. dollar-denominated senior notes.

About $25 billion of total corporate issuance is expected by market sources over the week.

Market participants were keeping an eye on other financial markets over the morning, with stocks remaining weak.

The three-month Libor yield was unchanged at the start of the session at 1.79%, a source said.

In the secondary market, the 4.125% notes due March 1, 2027 that MPLX priced in 2017 softened to 100.42 on Monday from 100.97 on Friday, a source said.

MPLX sold $1.25 billion of the notes in the Feb. 7, 2017 offering at 99.834 to yield 4.145% and a spread of Treasuries plus 175 basis points.

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