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Morning Commentary: AT&T, Willis North America, Athene, CenterState to tap primary
By Cristal Cody
Tupelo, Miss., May 21 – AT&T Inc. is set to lead high-grade deal volume on Thursday with a five-tranche offering of senior notes (Baa2/BBB/A-) expected to top $7 billion, according to market sources.
The deal includes fixed-rate notes due 2027, 2031, 2041, 2051, 2060.
Initial price talk on the seven-year notes is in the Treasuries plus 220 basis points area.
A tranche of notes due June 1, 2031 is talked at the 240 bps spread area; notes due June 1, 2041 are initially guided to print in the 245 bps spread area; notes due June 1, 2051 are talked to print at the 260 bps over Treasuries area; and a tranche of 40-year notes is talked at the 280 bps over Treasuries area.
Also on Thursday, Willis North America Inc. plans to price a $275 million add-on to its 2.95% senior notes due Sept. 15, 2029 (Baa3/BBB/BBB) that were first issued in a $450 million offering on Sept. 10, 2019.
Initial price talk is in the 225 bps over Treasuries area.
Athene Global Funding intends to price a dollar-denominated offering of three-year senior secured notes (A/A) during the session.
The notes are initially talked to price in the Treasuries plus 275 bps area.
In addition, CenterState Bank Corp. is offering 10-year fixed-to-floating rate subordinated notes.
In other primary activity, American Financial Group, Inc. plans to price $100 million of $25-par 40-year subordinated debentures (Baa2/BBB-) on Thursday.
Initial price talk is at the 5.75% area.
More than $40 billion of high-grade bonds have priced week to date, beating forecasts of about $30 billion to $40 billion of supply over the holiday-shortened week.
The financial markets will close early on Friday and reopen on Tuesday following the Memorial Day holiday on Monday.
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