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Morning Commentary: High-grade volume thins; T-Mobile, Vereit, Ford Foundation on tap
By Cristal Cody
Tupelo, Miss., June 18 – High-grade supply is expected to slow after heavy issuance on Tuesday and Wednesday.
Just three reported issuers offered bonds in the primary market at the start of the session.
T-Mobile U.S. Inc. subsidiary T-Mobile USA, Inc., which priced a $19 billion five-part offering of senior secured notes (Baa3/BBB-/BBB-) on April 2, is returning to the high-grade bond market on Thursday with a three-part deal.
T-Mobile’s Rule 144A and Regulation S senior secured offering includes long five-year notes talked to price in the Treasuries plus 140 basis points area, long seven-year notes talked at the 180 bps spread area and long 10-year notes talked to price in the 215 bps over Treasuries area.
Vereit Operating Partnership LP is offering $500 million of long seven-year guaranteed senior notes (Baa3/BBB-/BBB) over the day. Initial price guidance is in the Treasuries plus 350 bps area.
Also, Ford Foundation is expected to price a $1 billion two-tranche offering of long-dated taxable social bonds (Aaa/AAA) on Thursday.
Investment-grade deal volume already has surpassed market forecasts for the week.
Nearly $25 billion of issues priced on Wednesday, following more than $28 billion of supply on Tuesday and $1.25 billion of issuance on Monday.
About $20 billion to as much as $40 billion of deal volume was expected by market participants for the week.
The past three sessions have seen several highly anticipated deals print, including from Pacific Gas and Electric Co. on Tuesday and Upjohn Inc. on Wednesday.
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