Morning Commentary: AT&T, Wisconsin Electric, AEP Texas on deck; AXIS, Experian eyed

By Cristal Cody

Tupelo, Miss., Dec. 3 – AT&T Inc., Wisconsin Electric Power Co. and AEP Texas Inc. are among the companies marketing bonds in the high-grade primary market early Tuesday.

AT&T plans to price dollar-denominated global notes due 2050 that are callable on or after 2025.

Wisconsin Electric Power is offering fixed-rate debentures.

AEP Texas intends to price fixed-rate series H senior notes.

Also, AXIS Specialty Finance plc is expected to bring a registered offering of fixed-rate reset junior subordinated notes due 2040 to the market after holding a roadshow in the previous session.

In addition, a new offering is anticipated soon from Experian Finance plc, which held fixed income investor calls for a dollar-denominated Rule 144A and Regulation S offering of 10-year senior notes (Baa1/A-) on Monday.

At the start of the week, Charter Communications, Inc. priced a $1.3 billion add-on to its 4.8% senior secured notes due March 1, 2050 (Ba1/BBB-/BBB-), while Main Street Capital Corp. came with a $75 million tap of its 5.2% notes due May 1, 2024 (BBB) in an otherwise quiet session.

About $15 billion to $20 billion of deal volume is expected by syndicate sources this week.

The high-grade secondary market was active on Monday with $20.74 billion of corporate bonds traded, Trace data shows.

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