Morning Commentary: Toyota, Municipality Finance offer notes; possible Penske deal in works

By Cristal Cody

Tupelo, Miss., June 26 – After a no-deal Monday, at least a couple of issuers plan to tap the high-grade primary market on Tuesday.

Toyota Motor Credit Corp. is marketing three tranches of senior notes that are registered with the Securities and Exchange Commission.

Also, Municipality Finance plc intends to price a $1 billion “no grow” Rule 144A and Regulation S offering of three-year notes that were initially talked to price in the mid-swaps plus 5 basis points area, a source said.

In addition, Fitch Ratings announced on Tuesday that it expects to give a BBB+ rating to a proposed $500 million offering of senior notes due Aug. 1, 2023 from Penske Truck Leasing Co., LP and co-issuer PTL Finance Corp.

Penske was previously in the high-grade primary market with $450 million of 3.9% senior notes due Feb. 1, 2024 (Baa2/BBB/BBB+) on May 7.

About $15 billion to $20 billion of supply is expected by market sources for the week.

While primary action was quiet on Monday, the secondary market saw $15.51 billion of investment-grade bonds trade, according to Trace.

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