Morning commentary: Starbucks, Entergy, National Fuel offer bonds; volume heavy

By Cristal Cody

Tupelo, Miss., Aug. 8 – New high-grade supply is expected to continue over Wednesday’s session with several issuers planning to tap the primary market.

Starbucks Corp., Entergy Louisiana, LLC and National Fuel Gas Co. are marketing bond offerings. In addition, AT&T Inc. will offer bonds denominated in Canadian dollars.

Investment-grade corporate issuers have already priced about $24 billion of bonds in the first two sessions of the week.

Syndicate sources expected about $20 billion to $25 billion of total volume for the week.

On Monday, new bonds were priced by American Water Capital Corp., Ford Motor Credit Co. LLC, Bank of New York Mellon Corp., Ventas Realty, LP, Duke Energy Progress, LLC, Indiana Michigan Power Co., Intercontinental Exchange, Inc., American Water Capital Corp., NextEra Energy Capital Holdings, Inc., Paccar Financial Corp., Discover Bank and Associated Bank, NA.

On Tuesday, issuers including Berkshire Hathaway Finance Corp., BNP Paribas SA, Wells Fargo Bank NA, Western Gas Partners, LP, Commonwealth Edison Co., Ralph Lauren Corp., Hyatt Hotels Corp., Oncor Electric Delivery Co. LLC and Arizona Public Service Co. priced notes.

Looking at the investment-grade secondary market, trading volume so far has included $16.04 billion of issues on Tuesday and $13.52 billion of bonds on Monday, according to Trace.

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