Morning Commentary: Investment-grade bond deal pipeline light; Entergy Louisiana unchanged

By Cristal Cody

Tupelo, Miss., May 17 – The investment-grade deal pipeline added two issuers expected to tap the primary market on Wednesday.

Entergy Louisiana, LLC is marketing collateral trust mortgage bonds.

Martin Marietta Materials, Inc. plans to sell $600 million of three-year floating-rate senior notes and 10-year fixed-rate senior notes.

Entergy Louisiana’s last bond offering of 2.4% collateral trust mortgage bonds due Oct. 1, 2026 was flat in early secondary trading.

High-grade secondary market volume rose to $20.9 billion on Tuesday from $15.42 billion on Monday, according to Trace.

Entergy Louisiana’s 2.4% collateral trust mortgage bonds due Oct. 1, 2026 were unchanged in the secondary market early Wednesday at 94.12, a market source said.

The company sold $400 million of the bonds (A2/A) on Sept. 28, 2016 at 99.577 to yield 2.448%, or a spread of 90 basis points over Treasuries.

Entergy Louisiana is a Jefferson, La.-based energy provider.

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