Morning Commentary: Lowe’s, IHS Markit, General Motors Financial market two-part deals

By Cristal Cody

Tupelo, Miss., April 3 – Lowe's Cos., Inc. prepared early Wednesday to tap the investment-grade primary market with two tranches of notes after the company held fixed income investor calls in the previous session.

The deal includes 10- and 30-year tranches.

IHS Markit Ltd. also announced plans over the morning to bring a two-part offering of senior notes. IHS is marketing notes due 2024 and 2029.

General Motors Financial Co., Inc. is on deck with a two-tranche offering of senior notes, as well.

The company is offering three-year fixed- and floating-rate notes.

Market tone was strong at the start of Wednesday’s session with stocks up, a source said.

Investment-grade issuers have priced about $6.5 billion of bonds over the past two sessions. AXA Equitable Holdings, Inc. affiliates sold $1 billion of pre-capitalized trust securities in two parts on Tuesday after holding investor calls on Monday.

About $20 billion of new supply is forecast by market sources for the week.

A deal from Vinci SA is expected after the company held fixed income investor calls on Monday, a source said.

The company plans to price a debut Rule 144A and Regulation S offering of dollar-denominated notes.

HSBC Securities (USA) Inc. and Morgan Stanley & Co. LLC are the bookrunners.

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