Morning Commentary: Sumitomo Mitsui plans notes; Ontario offers bonds; FHLBank on tap

By Devika Patel

Knoxville, Tenn., Oct. 10 – The high-grade bond primary market had moderate activity over the morning on Wednesday, with three new deals announced.

Tokyo-based banking and financial company Sumitomo Mitsui Financial Group Inc. will conduct a two-tranche offering of dollar-denominated senior notes and Canada’s Province of Ontario intends to sell U.S. dollar-denominated fixed-rate bonds.

Also, Washington, D.C.-based funding provider Federal Home Loan Bank System said it will issue a Global bond due Oct. 12, 2021.

Sumitomo Mitsui on tap

Sumitomo Mitsui intends to offer dollar-denominated senior notes in two tranches.

The notes will be sold in one fixed-rate tranche and one floating-rate tranche.

The notes are not callable.

SMBC Nikko Securities America Inc., Goldman Sachs & Co. LLC, Barclays and Citigroup Global Markets Inc. are the bookrunners.

Proceeds will be used to extend senior unsecured loans to subsidiary SMBC Nikko, which will use the proceeds of the loans for general corporate purposes.

Ontario offers bonds

The Province of Ontario reported plans for an offering of non-callable dollar-denominated fixed-rate bonds.

Proceeds from the sale will be used for general provincial purposes.

FHLBank bringing bonds

FHLBank said it intends to price Global bonds due Oct. 12, 2021 on Thursday.

Barclays, Citigroup and Nomura are the lead managers. Co-managers are Deutsche Bank Securities Inc., HSBC Securities (USA) Inc., J.P. Morgan Securities LLC, MFR Securities, BofA Merrill Lynch, TD Securities (USA) LLC and Wells Fargo Securities LLC.

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