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Morning Commentary: European Stability Mechanism offers notes; Nuveen to tap primary
By Cristal Cody
Tupelo, Miss., Oct. 16 – Deal action slowed early Tuesday following more than $8 billion of investment-grade bonds brought to the primary market on Monday.
The European Stability Mechanism is expected to price a Rule 144A and Regulation S offering of two-year dollar-denominated notes during the session, a source said.
The notes due Oct. 23, 2020 were initially talked to price with a spread in the mid-swaps plus 1 basis point area.
BofA Merrill Lynch, Barclays and Citigroup Global Markets Ltd. are the bookrunners.
In other activity on Tuesday, Nuveen, LLC (Baa2/BBB+/AA+) plans to hold fixed income investor calls on Tuesday for a Rule 144A and Regulation S offering of guaranteed senior notes, according to market sources.
Citigroup, J.P. Morgan Securities LLC and Wells Fargo Securities LLC are the arrangers.
The deal size is targeted at $1 billion, according to a Fitch Ratings news release.
Parent company Teachers Insurance and Annuity Association of America will guarantee the notes.
Heavier supply is expected this week after less than $10 billion of corporate issuance in the previous week, sources report.
On Monday, Conagra Brands, Inc. priced a $7.03 billion seven-part offering of senior notes, while FedEx Corp. sold $1.25 billion of senior notes in two tranches.
In addition, Royal Bank of Canada priced $1.7 billion of covered bonds in the previous session.
Syndicate sources predict about $25 billion to $35 billion of new supply this week.
In the secondary market on Monday, $15.22 billion of investment-grade bonds were traded, according to Trace data.
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