Morning Commentary: High-grade deal pipeline fills; AstraZeneca, Autodesk, Dr. Pepper to price

By Cristal Cody

Tupelo, Miss., June 5 – Pricing action is expected to be robust in the investment-grade bond market on Monday with several issuers announcing deal plans.

AstraZeneca plc is marketing three tranches of notes.

Air Lease Corp. plans to sell senior notes.

Autodesk, Inc. is offering notes.

Consolidated Edison Co. of New York, Inc. intends to price debentures.

Atmos Energy Corp. is marketing new 10-year senior notes and a reopening of its 4.125% senior notes due 2044.

San Diego Gas & Electric Co. is eyeing a $400 million offering of 30-year mortgage bonds.

Astoria Financial Corp. is set to price $200 million of three-year senior notes.

Also, Dr. Pepper Snapple Group, Inc. plans to price a $400 million offering in taps of its senior notes due 2027 and 2045.

The Rule 144A and Regulation S deal will include a $100 million add-on to its 3.43% senior notes due 2027 and a $300 million reopening of its 4.5% senior notes due 2045.

In addition on Monday, UniCredit SpA (Baa1/BBB-) intends to hold roadshows in the United States, Canada and Asia for a Rule 144A and Regulation S offering of dollar-denominated subordinated notes.

BofA Merrill Lynch, Citigroup Global Markets Inc., HSBC, J.P. Morgan Securities LLC, Societe Generale CIB and UniCredit Capital Markets LLC are the arrangers.

Primary action is expected to be strong over the week with market sources expecting about $25 billion to $30 billion of volume.

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