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Morning Commentary: IADB offers $2 billion of two-, seven-year notes; Westpac on tap
By Cristal Cody
Tupelo, Miss., July 16 – The investment-grade primary market is gearing up for a $2 billion two-part offering of global notes on Tuesday from Inter-American Development Bank.
The deal includes $1 billion of two-year notes with initial price talk in the mid-swaps plus 3 basis points area and $1 billion of seven-year notes with initial price talk in the mid-swaps plus 14 bps area, a source said.
BofA Securities, Inc., J.P. Morgan Securities LLC, Nomura Securities International, plc and RBC Capital Markets, LLC are the bookrunners.
Meanwhile, a two-part dollar-denominated offering of subordinated notes is being marketed by Westpac Banking Corp., which began holding fixed income investor calls on Monday, a source said.
The registered deal includes tranches due 2034 and 2039.
BofA Securities, Citigroup Global Markets Inc., HSBC Securities (USA) Inc., JPMorgan and Westpac Banking are the investor call arrangers and bookrunners.
On Monday, more than $5 billion of securities were priced from issuers that included Cooperatieve Rabobank UA, Burlington Northern Santa Fe, LLC, British Airways plc, John Deere Capital Corp., Bank of Nova Scotia, Canadian Imperial Bank of Commerce, Reliance Standard Life Global Funding II and Terrafina, LLC.
About $25 billion to $30 billion of supply is forecast by market sources this week.
Possible bank and financial issuance is anticipated following the release of earnings reports this week.
On Tuesday, Goldman Sachs Group Inc., JPMorgan Chase & Co. and Wells Fargo & Co. released their earnings reports. On Wednesday, Bank of America Corp. releases its earnings, followed by Morgan Stanley on Thursday.
Citigroup Inc. released its second-quarter earnings report on Monday.
In other activity, investment-grade secondary market volume slowed to $14.88 billion on Monday, compared to $18.29 billion of bonds traded in the same period a week ago, according to Trace.
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