Morning Commentary: Enterprise Products, CenterPoint, Total on deck with new offerings

By Cristal Cody

Tupelo, Miss., Oct. 3 – Following heavy pricing action on Tuesday, several issuers signaled plans to tap the high-grade primary market on Wednesday.

Enterprise Products Operating LLC is offering three tranches of guaranteed senior notes.

CenterPoint Energy, Inc. also is marketing three tranches of senior notes.

In addition, Total SA subsidiary Total Capital intends to sell new guaranteed notes.

Volume on Tuesday was heavy with high-grade supply that included Comcast Corp.’s $27 billion 12-part offering of senior notes – the fourth largest investment-grade issuance on record.

More than $33 billion of high-grade bonds have priced week to date.

About $40 billion to $45 billion of overall new issue supply is expected this week by market sources.

In the secondary market, volume has included $18.59 billion of investment-grade bonds traded on Tuesday and $16.73 billion traded on Monday, according to Trace data.

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