Morning Commentary: S&P, Estee Lauder, Vereit offer notes; Ontario to reopen green bonds

By Cristal Cody

Tupelo, Miss., Nov. 19 – S&P Global Inc. moved to offer two tranches of registered fixed-rate senior notes early Tuesday after completing fixed income investor calls in the previous session.

Deal volume started off strong at the start of the session with several investment-grade issuers offering bonds.

Estee Lauder Cos. Inc. is marketing three tranches of fixed-rate senior notes. The company plans to price five-, 10- and 30-year tranches.

Vereit Operating Partnership LP expects to price registered fixed-rate senior notes following a session of fixed income investor calls on Friday, a source said.

Also, the Province of Ontario intends to reopen its Canadian dollar-denominated 2.65% green bonds due Feb. 5, 2025 that are registered with the U.S. Securities and Exchange Commission.

High-grade issuers priced more than $8 billion of notes on Monday with supply led by a $2.75 billion two-part sale of senior notes from Intel Corp.

Secondary market volume totaled $18.25 billion on Monday, Trace data shows.

Deal volume is expected to total about $25 billion this week, according to syndicate sources.

Several investment-grade issuers have priced new bond deals following investor calls in November.

Coming up on Thursday, Heineken NV will hold fixed income investor calls via J.P. Morgan Securities LLC, according to a market source.

The Dutch brewery last tapped the high-grade bond market on March 20, 2017 with a $1.75 billion two-tranche offering of notes.

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