Morning Commentary: General Mills, Marsh & McLennan, Jefferies on tap; Societe Generale firms

By Cristal Cody

Eureka Springs, Ark., Jan. 9 – High-grade pricing action is set to kick off a second week of the new year with strong activity planned on Monday.

General Mills, Inc., Marsh & McLennan Cos., Inc., Jefferies Group LLC, CenterPoint Energy Houston Electric, LLC and CBOE Holdings, Inc. are among issuers marketing bonds.

Investment-grade companies priced more than $50 billion of bonds in the previous week.

About $25 billion to $35 billion of high-grade corporate supply is forecast for the week.

In the secondary market, Societe Generale SA’s 4% senior non-preferred notes due 2027 that priced on Thursday improved from Friday.

The previous session saw $18.09 billion of investment-grade bond issues traded, according to Trace.

The three-month Libor yield was unchanged at 1.01% over the morning, a market source said.

Societe Generale firms

Societe Generale’s 4% senior non-preferred notes due 2027 were seen tighter in secondary trading at 168 bps offered, according to a market source.

The notes traded on Friday at 177 bps bid, 174 bps offered.

The company sold $600 million of the 10-year notes (Baa3/A/A) on Thursday at a spread of 173 bps over Treasuries.

Societe Generale is a Paris-based banking and financial services company.

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