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Morning Commentary: NetApp, Clorox, Magellan Midstream, American Airlines, Ontario market bonds
By Cristal Cody
Tupelo, Miss., Sept. 26 – Primary action revved up early Tuesday with several issuers preparing to price high-grade bonds.
NetApp Inc. (Baa2/BBB+) announced plans to price two tranches of notes a day after holding investor calls.
Clorox Co. is marketing senior notes.
Magellan Midstream Partners, LP intends to price $500 million of 30-year senior notes.
American Airlines, Inc. is in the deal pipeline with $220,723,000 of pass-through certificates.
Also, the Province of Ontario is preparing an offering of bonds.
In early secondary trading in the investment-grade bond market, Magellan Midstream Partners’ last offering of bonds, the $500 million of 4.25% notes due Sept. 15, 2046 that priced on Sept. 6, 2016 at 98.762 to yield 4.324% and a spread of 210 basis points over Treasuries, were not active.
The notes (Baa1/BBB+) were seen in thin trading on Monday at 100.10, a market source said.
On Monday $13.85 billion of investment-grade issues were traded, according to Trace.
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