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Morning Commentary: Prologis, Black & Decker, KeyCorp, Citizens offer high-grade bonds
By Cristal Cody
Tupelo, Miss., Feb. 3 – Several bond issuers moved ahead with plans early Monday to tap the high-grade primary market.
Prologis, LP plans to price a three-part offering of fixed-rate notes as part of its merger with Liberty Property LP scheduled to close later this month.
Stanley Black & Decker, Inc. is offering two tranches that includes fixed-rate notes and fixed-to-fixed reset rate junior subordinated debentures.
KeyCorp intends to tap the primary market with an offering of senior medium-term notes.
Also, Citizens Financial Group, Inc. is marketing new fixed-rate senior notes on Monday.
About $15 billion to $20 billion of new investment-grade issuance is expected this week, according to syndicate sources.
Deal volume for the month is expected to total about $90 billion to $100 billion.
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