Morning Commentary: Export Development Canada, Municipality Finance, Broadcom to price

By Cristal Cody

Eureka Springs, Ark., Jan. 11 – Wednesday’s session is expected to include new investment-grade bond deals from the Export Development Canada and Municipality Finance plc.

In addition, Energy Transfer Partners, LP plans a two-tranche senior notes deal, while Broadcom Ltd. subsidiaries Broadcom Corp. and Broadcom Cayman Finance Ltd. intend to price senior notes.

The three-month Libor yield was unchanged at 1.01% on Wednesday, according to a market source.

In secondary trading, Jefferies Group LLC’s 4.85% senior notes due 2027 that priced on Monday were stronger.

Secondary trading volume was higher on Tuesday at $20.2 billion, compared to $16.6 billion of bonds traded on Monday, according to Trace.

Jefferies improves

Jefferies Group’s new 4.85% notes due 2027 were better in the secondary market early Wednesday at 241 bps offered, a source said.

Jefferies sold $750 million of the 10-year notes (Baa3/BBB-/BBB-) on Monday at a spread of 255 bps over Treasuries.

Jefferies is an investment bank based in New York.

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