Morning Commentary: Comerica offers two tranches; SL Green on tap; Fannie Mae prints

By Cristal Cody

Tupelo, Miss., July 26 – A couple of high-grade issuers announced plans at the start of Thursday’s session to price new bonds.

Comerica Inc. intends to price senior floating-rate and fixed-rate notes via J.P. Morgan Securities LLC, Morgan Staley & Co. LLC and RBC Capital Markets, LLC.

SL Green Operating Partnership, LP is marketing three-year floating-rate notes. Deutsche Bank Securities Inc., BMO Capital Markets Corp. and TD Securities (USA) LLC are the bookrunners.

In other primary action, Fannie Mae announced on Thursday that it priced $6 billion of floating-rate notes in three tranches in the first Secured Overnight Financing Rate securities issuance. The deal included $2.5 billion of six-month notes, $2 billion of 12-month notes and $1.5 billion of 18-month notes.

Including Fannie Mae’s deal, investment-grade issuers have priced more than $19 billion of notes week to date.

About $20 billion to $25 billion of supply had been predicted by syndicate sources for the week.

Fifth Third Bank leads corporate issuance so far week to date in deal size with a $1.55 billion three-part offering of senior notes that priced on Monday.

In the secondary market, trading volume over the week includes $18.96 billion of high-grade bonds traded on Wednesday, $21.43 billion on Tuesday and $15.4 billion on Monday, according to Trace.

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