Morning Commentary: High-grade issuers AerCap, Andeavor, Huntington, Avangrid market bonds

By Cristal Cody

Tupelo, Miss., Nov. 16 – Several investment-grade issuers are on deck Thursday to price new bonds.

AerCap Ireland Capital DAC and AerCap Global Aviation Trust plan to sell guaranteed senior notes.

Andeavor Logistics LP and Tesoro Logistics Finance Corp. are offering three tranches of guaranteed senior notes.

Huntington Ingalls Industries, Inc. intends to price senior notes in a Rule 144A and Regulation S offering.

In addition, Avangrid, Inc. is marketing seven-year notes. The company held fixed income investor calls on Tuesday, a source said.

Other issuers also have been eying the primary market, according to a market source.

Royal Caribbean Cruises Ltd. (Baa3/BBB-) concluded a two-day round of investor calls on Wednesday. BofA Merrill Lynch, BNP Paribas Securities Corp., Goldman Sachs & Co., Mizuho Securities USA Inc., Morgan Stanley & Co. LLC and SMBC Nikko Securities America, Inc. were the arrangers.

Looking at the secondary market, high-grade trading volume rose to $17.25 billion on Wednesday, compared to $15.88 billion on Tuesday and $16.6 billion on Monday, according to Trace.

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