Morning Commentary: Dollar Tree, General Motors, BNG offer notes; April roadshows set

By Cristal Cody

Tupelo, Miss., April 5 – Several issuers lined up early Thursday to tap the investment-grade bond market after light supply in the previous session.

Dollar Tree, Inc. is offering four tranches of senior notes, including one floating-rate tranche, following the company’s fixed-income investor calls on Tuesday.

General Motors Financial Co., Inc. intends to sell two tranches of fixed-rate notes and one tranche of floaters.

Also on Thursday, NV Bank Nederlandse Gemeenten (Aaa/AAA/AA+) plans to price $500 million of floating-rate notes due March 11, 2022 that were initially talked to price in the Libor plus 7 basis points area, a source said.

BofA Merrill Lynch and Goldman Sachs & Co. LLC are the bookrunners for the Rule 144A and Regulation S sale.

More than $11 billion of high-grade bonds have priced week to date.

In the meantime, the deal pipeline continues to grow. Coming up on Monday, Syngenta AG will start a roadshow for a benchmark-sized multi-tranche senior note offering.

Ausgrid Finance Pty Ltd. plans to start a roadshow for a benchmark-sized note offering on Friday.

Banco Santander, SA is holding a roadshow that started on Tuesday in the U.S. and Canadian markets for a benchmark-sized dollar-denominated deal. BofA Merrill Lynch, Citigroup Global Markets, J.P. Morgan Securities and Santander Investment Securities Inc. are the arrangers.

Earlier in the week, Salesforce.com, Inc. held fixed income investor calls on Tuesday and Wednesday for two tranches of senior notes. BofA Merrill Lynch, J.P. Morgan Securities LLC, Barclays, Citigroup Global Markets Inc., Deutsche Bank Securities Inc. and Wells Fargo Securities LLC are the arrangers.

Syndicate sources forecast about $20 billion to $25 billion of total volume for the week.

The secondary market saw heavy volume on Wednesday with $20.34 billion of investment-grade bonds traded, up from $18.36 billion on Tuesday and $12.18 billion on Monday, according to Trace data.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.