Morning commentary: Heavy high-grade deal action in works; Ford, BNY Mellon, Duke eye deals

By Cristal Cody

Tupelo, Miss., Aug. 6 – The high-grade bond market geared up Monday for heavy primary action following light volume in the prior week.

About $20 billion to $25 billion of new supply for the week is widely expected by market sources.

Several issuers came on deck with new bond offerings at the start of Monday’s session.

Ford Motor Credit Co. LLC, Bank of New York Mellon Corp., Ventas Realty, LP, Duke Energy Progress, LLC, Indiana Michigan Power Co., Intercontinental Exchange, Inc., American Water Capital Corp. and NextEra Energy Capital Holdings, Inc. all announced deals early Monday.

Also during Monday’s session, Williamsville, N.Y. energy company National Fuel Gas Co. (Baa3/BBB/BBB) plans to hold fixed-income investor calls, according to a market source.

BofA Merrill Lynch, HSBC Securities (USA) Inc. and J.P. Morgan Securities LLC are the arrangers.

About $8 billion of high-grade bonds priced in the previous week.

Issuance is expected to ramp up this week as more companies exit earnings blackout periods, sources report.

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