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Morning Commentary: IBM, AvalonBay, Reinsurance Group, Bell Canada, EIB offer notes
By Cristal Cody
Tupelo, Miss., May 8 – Strong deal volume is expected in the high-grade primary market on Wednesday following the year’s biggest bond offering on Tuesday from Bristol-Myers Squibb Co.
Bristol-Myers priced $19 billion of senior notes in nine tranches.
International Business Machines Corp. is on deck with eight tranches of notes after the company held fixed income investor calls in the previous session, a source said.
AvalonBay Communities, Inc. also is offering fixed-rate notes on Wednesday after the company held fixed income investor calls on Tuesday.
In addition, Reinsurance Group of America, Inc. announced plans to price 10-year senior notes after a two-day round of investor calls ended Tuesday.
In other supply, Bell Canada plans to price fixed-rate 30-year notes.
In addition, the European Investment Bank announced it is offering $3 billion of five-year notes. The notes were initially talked to price in the mid-swaps plus 7 basis points area, a source said.
Week to date, more than $22 billion of high-grade bonds have priced.
Heavy volume of about $40 billion to $45 billion was expected by market sources for the week with the Bristol-Myers deal included.
Additional issues are in the pipeline from T-Mobile U.S. Inc. and Fidelity National Information Services, Inc. following roadshows.
T-Mobile U.S. will finish its roadshow started in the previous week on Wednesday for a bond offering to fund its acquisition of Sprint Corp.
Fidelity National Information Services is holding a roadshow and fixed investor calls that began on Tuesday and conclude Friday for a multi-currency bond deal to help finance its acquisition of Worldpay Inc.
Elsewhere in the secondary market, trading volume on Tuesday rose to $18.2 billion from $12.45 billion on Monday, according to Trace data.
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