Morning Commentary: Heavy volume on tap; Nordstrom, Shell offer notes; Duke eyes market

By Cristal Cody

Tupelo, Miss., Nov. 4 – Investment-grade bond supply is expected to ramp up to $25 billion to $30 billion of volume this week, and issuers poured into the market early Monday with deal announcements, sources report.

Nordstrom, Inc. is selling senior notes after holding fixed income investor calls on Thursday and Friday, a source said.

Shell International Finance BV intends to price three tranches of guaranteed fixed-rate notes.

Xcel Energy Inc. is on deck with two tranches of fixed-rate senior notes.

Commonwealth Edison Co. is marketing 30-year first mortgage bonds.

Other issuers including National Oilwell Varco, Inc. and Baker Hughes, a GE Co., LLC and co-issuer Baker Hughes Co-Obligor, Inc. also plan to price registered senior notes.

In other high-grade market activity on Monday, Duke Realty Corp. will hold fixed income investor calls during the session for a possible deal, a source said.

Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and Wells Fargo Securities LLC are the investor call arrangers.

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