Morning Commentary: EPR, Nevada Power, C.H. Robinson offer notes; light supply forecast

By Cristal Cody

Tupelo, Miss., April 9 – A few issuers prepared early Monday to price new bonds in the investment-grade market.

EPR Properties plans to sell 10-year senior notes.

Nevada Power Co. is marketing general and refunding mortgage notes due 2020.

C.H. Robinson Worldwide, Inc. is offering notes.

Overall deal volume for the week is expected to be light with market sources predicting less than $20 billion of total issuance. One syndicate source forecasts supply of $12 billion to $17 billion for the week.

In the meantime, several issuers are underway marketing bonds. On Monday, Syngenta AG (Ba2/BBB-/BBB) will start a roadshow for a benchmark-sized dollar-denominated multi-tranche senior note offering and a euro-denominated fixed-rate senior note deal.

BNP Paribas Securities Corp., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, HSBC Securities (USA) Inc., MUFG and Santander are the bookrunners for the dollar-denominated issue.

On Friday, Ausgrid Finance Pty Ltd. started a benchmark-sized note offering of five-year and/or 10-year senior notes.

Banco Santander, SA (Baa1/A-/A-) held a roadshow in the U.S. and Canadian markets over the past week for a benchmark-sized dollar-denominated note offering.

Elsewhere early Monday, the three-month Libor was up 1 basis point at 2.34%, a source said.

In secondary market activity, Friday ended with $13.8 billion of high-grade bonds traded, according to Trace.

© 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.