Morning Commentary: Vereit Operating Partnership to sell notes; Comcast paper tightens

By Cristal Cody

Tupelo, Miss., Oct. 4 – Vereit Operating Partnership, LP is offering new senior notes on Thursday in the high-grade primary market.

Also on Thursday, AIB Group plc is continuing fixed income investor calls and meetings that started on Tuesday for a Rule 144A and Regulation S dollar-denominated offering of notes, according to a market source.

Supply has been heavy over the week with more than $40 billion of investment-grade bonds priced, including Comcast Corp.’s $27 billion 12-part offering of senior notes on Tuesday.

About $40 billion to $45 billion of new issue supply was expected by market sources for the week.

New bonds priced this week were mixed in the secondary market, a source said.

Comcast’s notes are trading about 3 basis points to more than 10 bps tighter than issuance.

The company’s $4 billion of 4.15% notes due Oct. 15, 2028, which priced Tuesday at a Treasuries plus 110 bps spread, were quoted in the 104 bps area.

Secondary market volume was heavy on Wednesday with $24.44 billion of high-grade bonds traded, Trace reported. Trading volume on Monday included $16.73 billion of bonds, while $18.59 billion of issues traded on Tuesday.

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