Morning Commentary: GATX, Wisconsin Public Service offer notes; Takeda remains on deck

By Cristal Cody

Tupelo, Miss., Nov. 19 – Several issuers are marketing bonds in the high-grade primary market on Monday with the bulk of supply expected over the first two sessions of the Thanksgiving Day holiday week.

GATX Corp. is offering three-year floating-rate senior notes.

Wisconsin Public Service Corp. announced plans to price new senior notes.

Takeda Pharmaceutical Co., Ltd. also remains in the deal pipeline with seven tranches of senior notes expected to total in the $5 billion area.

The Osaka, Japan, pharmaceutical company sold €7.5 billion of euro-denominated senior notes on Thursday following a European roadshow. The proceeds from the deals will be used to fund the company’s acquisition of Shire plc.

Syndicate sources expect only about $5 billion to $10 billion of investment-grade volume this week. The bond markets will be closed on Thursday and will close at 2 p.m. ET on Friday for the Thanksgiving Day holiday.

Investment-grade issuers priced more than $18 billion of bonds in the previous week.

Secondary trading also remained heavy last week, including on Friday when $20.22 billion of high-grade bonds traded, according to Trace. In the same period a week earlier, $15.11 billion of bonds were traded.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.