Morning Commentary: United Parcel Service, NiSource, Ontario plan deals; UPS notes better

By Cristal Cody

Tupelo, Miss., May 11 – The investment-grade bond market is expected to see another round of strong issuance on Thursday.

United Parcel Service, Inc. is offering five-year fixed- and floating-rate notes.

NiSource, Inc., through its NiSource Finance Corp. subsidiary, is marketing 10- and 30-year notes.

Willis North America Inc. plans a sale of senior notes.

In addition, the Province of Ontario is expected to price an offering of five-year global notes.

United Parcel Service’s 2.4% notes due Nov. 15, 2026 climbed nearly 2 points in secondary trading early Thursday.

Secondary trading volume totaled $19.7 billion on Wednesday, compared to $21.2 billion on Tuesday and $16.42 billion on Monday, according to Trace.

United Parcel Service’s 2.4% notes due Nov. 15, 2026 rose to 97.65 in the secondary market on Thursday, a source said.

The notes last traded on Monday at 95.82.

The company sold $500 million of the notes (A1/A+) on Oct. 19, 2016 at 99.964 to yield 2.404% and a spread of Treasuries plus 65 basis points.

The package delivery and supply chain management company is based in Atlanta.

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