Morning Commentary: Comcast set to price nine-part bond deal; Camden Property on tap

By Cristal Cody

Tupelo, Miss., Oct. 2 – Comcast Corp. on Tuesday firmed details for a nine-tranche offering of notes that market sources expect to tally in the $20 billion to $27 billion area.

The deal includes eight tranches of fixed-rate notes and one floating-rate note tranche.

Comcast held fixed income investor calls on Monday for the offering.

Proceeds from the transaction will be used to help fund Comcast’s $39 billion acquisition of London-based media and telecommunications company Sky plc.

In other primary market action, Camden Property Trust is offering notes on Tuesday.

The company held fixed income investor calls on Monday for the issue, according to a market source.

Also early Tuesday, Kommuninvest I Sverige AB was pricing $1 billion of three-year notes at mid-swaps plus 3 basis points, a source said.

Nearly $5 billion of investment-grade bonds priced on Monday, while the session also saw $16.73 billion of bonds traded in the secondary market, according to informed sources and Trace data.

About $40 billion to $45 billion of total high-grade supply is expected this week by market sources.

Without the Comcast offering, syndicate sources had expected about $25 billion to $35 billion of deal volume this week.

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