Morning Commentary: RPM, Bank of Montreal, Martin Marietta market new bonds; Marietta better

By Cristal Cody

Tupelo, Miss., Dec. 6 – A few issuers were preparing bond deals early Thursday in the high-grade primary market.

RPM International Inc. is offering $300 million of notes.

Bank of Montreal intends to price a U.S. dollar-denominated offering of non-viability contingent capital subordinated notes due 2032.

Martin Marietta Materials, Inc. plans a three-tranche offering of senior notes, including one tranche of floaters.

Martin Marietta’s last offering of senior notes (Baa3/BBB+/BBB) that priced in a $600 million two-tranche deal on May 17 traded modestly better over the morning, a source said.

The 3.45% notes due June 1, 2027 improved early Wednesday to 99.36 from where the notes went out on Tuesday at 99.19.

The Raleigh, N.C.-based producer of construction aggregates sold $300 million of the notes in the May 17 offering at 99.798 to yield 3.474% and a spread of Treasuries plus 125 basis points.

Looking at the broader market, overall secondary market volume rose to $17.26 billion on Tuesday from $15.56 billion on Monday, according to Trace.

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