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Morning Commentary: Hanover, Royalty Pharma, Japan Development Bank, IBRD eye primary
By Cristal Cody
Tupelo, Miss., Aug. 19 – A handful of investment-grade issuers offered bonds in the corporate and sovereign, supranational and agency primary markets at the start of Wednesday’s session, sources reported.
Hanover Insurance Group, Inc. is offering $300 million of registered 10-year notes (Baa2/BBB/BBB) over the day. Initial price talk is in the Treasuries plus 225 basis points area.
Royalty Pharma plc announced plans to price a Rule 144A and Regulation S multiple-tranche offering of senior notes (Baa3) that are guaranteed by Royalty Pharma Holdings Ltd.
Meanwhile, two issuers launched bond deals in the SSA primary market early Wednesday.
Development Bank of Japan Inc. launched a $1.7 billion Rule 144A and Regulation S two-part offering of fixed-rate senior notes (A1/A+), including a $700 million tranche of five-year notes at mid-swaps plus 28 bps.
Initial price talk was at the mid-swaps plus 30 bps area.
The bank launched a $1 billion tranche of 10-year notes at mid-swaps plus 42 bps, tighter than initial talk in the mid-swaps plus 46 bps area.
The International Bank for Reconstruction and Development, or World Bank, launched a dollar-denominated offering of 10-year global notes (Aaa/AAA/AAA) at mid-swaps plus 17 bps.
The notes were initially talked to price in the mid-swaps plus 18 bps area.
On Tuesday, KfW (Aaa/AAA/AAA) and Swedish Export Credit Corp. (Aa1/AA+) priced notes in the SSA space.
Investment-grade corporate volume totals more than $27 billion week to date, while corporate and SSA supply tops $30 billion so far this week.
About $30 billion to $40 billion of issuance was forecast for the week.
Market tone was positive in the high-grade space over the morning.
The Pimco Investment Grade Corporate Bond index edged up 0.03% to 115.83.
The iShares iBoxx Investment Grade Corporate Bond ETF rose 0.17% to 136.30.
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