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Morning Commentary: Vulcan Materials, Cintas, Host Hotels to price; Burlington Northern slips
By Cristal Cody
Tupelo, Miss., March 9 – Pricing action in the investment-grade bond market is set to remain busy over Thursday’s session.
Vulcan Materials Co. is marketing 10-year notes.
Cintas Corp. No. 2 intends to price two tranches of senior notes.
Delta Air Lines, Inc. plans to bring a two-part notes deal.
Also, Host Hotels & Resorts, LP is in the deal pipeline with an offering of seven-year senior notes.
Market sources were focused as the session opened on the European Central Bank’s March policy decision.
The three-month Libor yield was unchanged at 1.11% on Thursday, a source said.
In the secondary market, Burlington Northern Santa Fe, LLC’s $1.25 billion of senior debentures (A3/A) that priced in two parts on Monday continued to weaken on Thursday.
Secondary trading volume dropped to $20.15 billion on Wednesday, compared to $20.93 billion on Tuesday and $22.67 billion on Monday, according to Trace.
Burlington weakens
Burlington Northern Santa Fe’s 3.25% debentures due June 15, 2027 opened modestly softer at 99.50 from where the notes went out on Wednesday at 99.54, according to a market source.
The company priced $500 million of the debentures on Monday at 99.747 to yield 3.278%, or a spread of Treasuries plus 78 basis points.
Burlington Northern Santa Fe’s 4.125% debentures due June 15, 2047 softened in early secondary trading to 96.72. The notes last traded on Wednesday at 97.48.
The $750 million tranche priced on Monday at 98.857 to yield 4.191% and a Treasuries plus 108 bps spread.
The holding company for railroad transportation subsidiaries is based in Fort Worth, Texas.
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