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Morning Commentary: EQT, RBC, Reliance Standard, Canada to tap high-grade dollar market
By Cristal Cody
Tupelo, Miss., Jan. 13 – The investment-grade bond market geared up early Monday for new corporate and sovereign, supranational and agency supply expected over the session.
EQT Corp. plans to price a registered two-part offering of fixed-rate senior notes.
Royal Bank of Canada intends to bring two tranches of dollar-denominated medium-term senior notes due Jan. 17, 2023 to the primary market on Monday.
The deal includes three-year floating-rate notes and a tranche of three-year fixed-rate notes that are initially talked to price in the Treasuries plus low 50 basis points area.
Reliance Standard Life Global Funding II is offering two tranches of notes following fixed income investor calls held last week.
Initial price talk on the notes due Jan. 21, 2023 is in the Treasuries plus 80 bps area, while a tranche of notes due Jan. 21, 2027 is initially talked to print in the Treasuries plus 115 bps to 120 bps area.
In SSA volume, Canada is marketing an offering of five-year global notes on Monday that are initially talked to price with a spread in the Treasuries plus 8 bps area.
A few other corporate and SSA issuers also are expected to tap the primary market over the session, a source said.
Volume is forecast to stay strong but at a much lighter pace than the same period last week when more than $24 billion of bonds priced on Jan. 6. Corporate volume totaled more than $60 billion for the first full week of 2020.
About $30 billion to $35 billion of high-grade issuance is anticipated this week with bank and financial supply eyed on the heels of fourth-quarter earnings releases, according to syndicate sources.
Citigroup Inc., JPMorgan Chase & Co. and Wells Fargo & Co. report earnings on Tuesday, followed by Bank of America Corp., BB&T Corp., U.S. Bancorp and Goldman Sachs Group Inc. on Wednesday and SunTrust Banks Inc., Bank of New York Mellon Corp. and Morgan Stanley on Thursday.
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