Morning Commentary: Supply jumps; Ralph Lauren, Berkshire, Hyatt, Western Gas eye deals

By Cristal Cody

Tupelo, Miss., Aug. 7 – High-grade issuers continued to pour into the market early Tuesday after more than $10 billion of bonds priced on Monday.

Issuers including Ralph Lauren Corp., Berkshire Hathaway Finance Corp., Hyatt Hotels Corp., Western Gas Partners, LP, Arizona Public Service Co. and Commonwealth Edison Co. all announced bond offerings during the morning.

Deal volume was expected to climb this week after about $8 billion of investment-grade bond issuance in the previous week, according to market sources who predicted about $20 billion to $25 billion of supply through Friday.

On Monday, new bonds were priced from American Water Capital Corp., Ford Motor Credit Co. LLC, Bank of New York Mellon Corp., Ventas Realty, LP, Duke Energy Progress, LLC, Indiana Michigan Power Co., Intercontinental Exchange, Inc., American Water Capital Corp., NextEra Energy Capital Holdings, Inc., Paccar Financial Corp., Discover Bank and Associated Bank, NA.

The secondary market during the previous session saw $13.52 billion of trading volume, according to Trace.

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