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Morning Commentary: American Express, Ryder System, Markel, Japan Bank bonds on tap
By Cristal Cody
Tupelo, Miss., May 15 – Four high-grade issuers marketed new bonds at the start of Wednesday’s session following heavy supply on Tuesday.
American Express Co. (A3/BBB+/A) plans to price three-year fixed- and floating-rate notes and seven-year fixed-rate notes.
Ryder System, Inc. (Baa1/BBB+/A-) is offering fixed-rate medium-term notes in the primary market.
Markel Corp. (Baa2/BBB/A-) also is marketing fixed-rate senior notes.
Meanwhile, Japan Bank for International Cooperation plans to price a dollar-denominated offering of fixed-rate guaranteed bonds (A1/A+).
More than $10 billion of corporate bonds priced on Tuesday after issuers stayed out of the primary market on Monday. Deal volume so far this week has been led by Waste Management, Inc.’s $4 billion five-tranche offering of notes that priced on Tuesday to help finance an acquisition of Advanced Disposal Services, Inc.
About $25 billion to $35 billion of investment-grade issuance is expected this week by market sources.
Fidelity National Information Services, Inc.’s $1 billion of 3.75% senior notes due May 21, 2029 tightened about 10 basis points in secondary trading after pricing on Tuesday, a market source said.
The 3.75% notes priced at 99.826 to yield 3.771%, or a spread of Treasuries plus 135 bps.
Fidelity sold the dollar notes in addition to pricing a €5 billion six-part offering and a £1.25 billion two-tranche issue of reverse Yankee bonds on Tuesday as part of the funding for its acquisition of Worldpay Inc.
In addition to the strong supply on Tuesday, secondary trading volume climbed during the session to $20.36 billion from $15.78 billion on Monday, according to Trace.
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