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Morning Commentary: Hewlett Packard, Toronto-Dominion, Wabtec, Air Lease plan deals
By Cristal Cody
Tupelo, Miss., Sept. 10 – Several high-grade issuers prepared early Monday to tap the primary market with new bond issues.
Hewlett Packard Enterprise Co. plans to sell two tranches of notes.
Toronto-Dominion Bank is marketing a dollar-denominated offering of medium-term notes due 2020.
Air Lease Corp. is offering senior notes due 2022 and 2028.
Wabtec Corp. intends to price senior notes due 2021, 2024 and 2028.
Also on Monday, Mitsubishi UFJ Lease and Finance Co. Ltd. (A3/A-) will kick off fixed income investor meetings and calls for a $500 million Rule 144A- and Regulation S-eligible offering of five-year senior notes, according to a market source.
Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC are the arrangers.
About $25 billion to as much as $40 billion of volume is forecast by syndicate sources for the week.
Investment-grade issuers priced more than $56 billion of bonds in the previous week, which included Cigna Corp.’s $20 billion 10-part offering of senior notes sold on Thursday.
High-grade credit spreads are expected to rally 5 basis points to 10 bps in September “as supply fears are overdone,” according to a BofA Merrill Lynch note released on Monday.
Although the past week was extremely busy, “new issuance volumes this year slowed during the summer and are now running down 9% for the year,” according to the note. “With relatively less M&A related and European Yankee supply expected between now and year-end, again we expect to end the year down 16%.”
The secondary market also was active over the past week, ending Friday with $15.09 billion of high-grade trading volume, according to Trace data.
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