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Morning Commentary: Western Midstream, Nomura, Avolon, Caterpillar, Westpac on tap
By Cristal Cody
Tupelo, Miss., Jan. 9 – Investment-grade bond supply continued at a strong pace early Thursday with several potential issuers marketing corporate and sovereign, supranational and agency deals.
A number of registered and Rule 144A and Regulation S transactions are expected.
Western Midstream Operating, LP is offering four tranches of senior notes, including a tranche of floating-rate notes and three tranches of fixed-rate notes.
Nomura Holdings Inc. intends to bring a two-part registered offering of fixed-rate senior notes due Jan. 16, 2025 and Jan. 16, 2030.
Avolon Holdings Ltd. subsidiary Avolon Holdings Funding Ltd. plans to price two tranches of dollar-denominated Rule 144A and Regulation S senior notes during the session.
The deal includes notes due Feb. 15, 2025 and Feb. 15, 2027.
Caterpillar Financial Services Corp. also intends to price a three-part offering of notes on Thursday, a source said.
National Bank of Canada intends to sell an offering of dollar-denominated notes due Feb. 1, 2023.
Athene Global Funding is on deck with a dollar-denominated offering of senior secured notes due Jan. 14, 2025.
MassMutual Global Funding II is offering seven-year funding agreement-backed notes.
Also, Westpac Banking Corp. expects to bring new fixed- and floating-rate notes in a registered transaction on Thursday.
In addition, Westpac Banking is marketing dollar-denominated global covered bonds due Jan. 16, 2025.
In other SSA supply, the Inter-American Development Bank launched a dollar-denominated offering of global notes due March 14, 2025 on Thursday at mid-swaps plus 9 basis points, tighter than initial price talk in the mid-swaps plus 10 bps area.
More than $45 billion of high-grade bonds have priced week to date.
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