Morning Commentary: Public Storage, Washington Gas offer notes; Expedia holds investor calls

By Cristal Cody

Tupelo, Miss., Sept. 13 – Public Storage and Washington Gas Light Co. marketed investment-grade bond offerings early Wednesday.

The deals follow strong issuance in the high-grade primary market on Monday and Tuesday.

About $30 billion to $35 billion of total supply was expected by market participants for the week.

In other activity on Wednesday, Bellevue, Wash.-based online travel company Expedia Inc. (Ba1/BBB-/BBB-) is holding investor calls for a possible deal, according to a market source.

BofA Merrill Lynch, Goldman Sachs & Co. and J.P. Morgan Securities LLC are the call arrangers.

Financial market activity otherwise was mostly quiet at the start of the session, a source said.

Secondary market volume jumped to $18.08 billion on Tuesday from $14.77 billion on Monday, according to Trace.

Washington Gas Light’s 3.796% notes due Sept. 15, 2046 that will be reopened in Wednesday’s offering have not been active in the secondary market in September, a source said. The notes were last seen in August trading at 96.87.

The company sold $250 million of the notes on Sept. 13, 2016 at par.

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