Morning Commentary: MPLX in investment-grade bond deal pipeline; Estee Lauder notes mixed

By Cristal Cody

Tupelo, Miss., Feb. 7 – MPLX LP is in the deal pipeline on Tuesday with a two-part offering of 10- and 30-year senior notes (BBB-/BBB-).

About $20 billion to $30 billion of high-grade bond supply is forecasted for the week.

Estee Lauder Cos. Inc.’s $1.5 billion of senior notes (A2/A+) that priced in three tranches on Monday traded flat to better in the secondary market early Tuesday.

On Monday, $15.53 billion of investment-grade issues were traded, according to Trace.

The three-month Libor yield was unchanged at 1.03% early Tuesday, a market source said.

Estee Lauder mixed

Estee Lauder’s 1.8% notes due Feb. 7, 2020 were flat in early secondary trading on Tuesday at 99.99, according to a market source.

The company placed $500 million of the three-year notes on Monday at 99.986 to yield 1.805%, or 40 basis points over Treasuries.

Estee Lauder’s 3.15% notes due March 15, 2027 rose to par in early secondary trading.

The company sold $500 million of the 10-year notes on Monday at 99.963 to yield 3.154%, or Treasuries plus 75 bps.

Estee Lauder’s 4.15% notes due March 15, 2047 edged up to 99.88 in morning trading.

Estee Lauder sold $500 million of the 30-year notes at 99.739 to yield 4.165%, or a spread of 110 bps over Treasuries.

New York-based Estee Lauder is a manufacturer and marketer of skin care, makeup, fragrance and hair care products.

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