Morning Commentary: Ares, BGC Partners, Blackstone/GSO, Protective Life, JBIC on tap

By Cristal Cody

Tupelo, Miss., July 8 – A few issuers are offering corporate and sovereign, supranational and agency bonds in the high-grade primary market on Wednesday, according to informed sources.

Ares Capital Corp. is marketing senior notes due Jan. 15, 2026 (Baa3/BBB-/BBB) with initial price talk at the Treasuries plus 387.5 basis points area.

BGC Partners, Inc. (BBB-/BBB-) intends to price $300 million of long five-year senior notes during the session. Initial price talk is in the Treasuries plus 437.5 bps area.

Blackstone/GSO Secured Lending Fund is offering $300 million of three-year notes (Baa3/BBB-) on Wednesday with initial guidance at the 387.5 bps over Treasuries area.

Also in corporate supply, Protective Life Global Funding is on deck with a $300 million offering of five-year notes (A1/AA-/A+) talked at the 105 bps over Treasuries area.

In SSA pricing action early Wednesday, Japan Bank for International Cooperation launched a $2.5 billion offering of five-year guaranteed bonds (A1/A+) at mid-swaps plus 33 bps.

Initial price talk was at the mid-swaps plus 36 bps area with guidance firmed to the mid-swaps plus 35 bps area.

More than $15 billion of high-grade bonds have priced week to date, with the bulk printing on Monday.

About $20 billion to $25 billion of deal volume is expected this week in the high-grade bond market.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.