Morning Commentary: Verizon, Kimco Realty, Ryder, KfW market bonds; AT&T notes improve

By Cristal Cody

Tupelo, Miss., Aug. 1 – Investment-grade bond issuance is set to be strong over Tuesday’s session with several issuers signaling plans to tap the primary market.

Verizon Communications Inc. is marketing notes.

Kimco Realty Corp. intends to price notes due 2025 and 2047.

Ryder System, Inc. is offering medium-term notes.

Celgene Corp. is in the deal pipeline with an offering of four-year senior notes.

Also, KfW plans to price $1 billion of senior fixed-rate unsecured notes due Sept. 15, 2021.

Monday saw a busy session with eight issuers in the primary market.

About $25 billion of bond supply is expected by market participants over the week.

In the secondary market, AT&T Inc.’s 3.9% notes due Aug. 14, 2027 were modestly better at 100.43 early Tuesday from where the notes last traded on Monday at 99.89, according to a market source.

The Dallas-based telecommunications company sold $5 billion of the notes (Baa1/BBB+/A-) on Thursday at 99.827 to yield 3.92% and a spread of 160 basis points over Treasuries.

Overall secondary market volume totaled $17.72 billion on Monday, according to Trace.

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