Morning Commentary: Lowe’s, Japan International Cooperation in deal pipeline; Verizon climbs

By Cristal Cody

Tupelo, Miss., April 19 – Pricing action is expected to be steady in the investment-grade bond market on Wednesday following more than $10 billion of issuance in the previous session.

Lowe’s Cos., Inc. is marketing 10- and 30-year notes.

Japan International Cooperation Agency plans to price guaranteed bonds.

In the secondary market early Wednesday, Verizon Communications Inc.’s 4.125% notes due March 16, 2027 traded up more than 1 point.

Secondary trading volume jumped to $16.5 billion on Tuesday from $9.6 billion on Monday, according to Trace.

Verizon strong

Verizon Communications’ 4.125% notes due March 16, 2027 traded up to 104.58 on Wednesday from where the notes went out in the previous session at 103.32, a market source said.

The notes headed out on Monday at 102.85.

Verizon sold $3.25 billion of the notes (Baa1/BBB+/A-) on March 13 at 99.256 and a spread of Treasuries plus 160 basis points.

The telecommunications company is based in New York City.

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