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Morning Commentary: Mars offers four tranches; MUFG on deck; JBIC sets price talk
By Cristal Cody
Tupelo, Miss., July 13 – Investment-grade primary action kicked off Monday with a four-part Rule 144A and Regulation S offering of guaranteed senior notes (A1/A) from Mars Inc.
Mars is returning to the primary market following a $5 billion debut eight-part bond offering in 2019.
The new deal includes six-year notes with initial price talk in the Treasuries plus 95 basis points area, 12-year notes talked at the 130 bps spread area, 20-year notes also initially talked in the 130 bps area and 30-year notes talked at the 140 bps over Treasuries area, a market source said.
Also on deck, Mitsubishi UFJ Financial Group, Inc. plans to price a two-part registered offering of senior notes (A1/A-/A) during the session, sources report.
Mitsubishi UFJ Financial is offering five-year notes with initial price talk at the Treasuries plus 135 bps to 140 bps area and 10-year notes talked at the 170 bps spread area.
Meanwhile, Japan International Cooperation Agency plans to price dollar-denominated 10-year notes over the day following fixed income investor calls on Friday, a source said. Initial price talk is in the mid-swaps plus 50 bps area.
About $15 billion to $20 billion of issuance is expected by market participants this week with much of the focus on second quarter earnings results due from companies including JPMorgan Chase & Co., Wells Fargo & Co., Citigroup Inc. and Goldman Sachs Group Inc.
Issuers priced more than $17 billion of corporate bonds and nearly $19 billion of sovereign, supranational and agency supply last week.
Market tone was positive as the week opened.
The iShares iBoxx Investment Grade Corporate Bond ETF rose 7 cents to 135.94.
The PIMCO Investment Grade Corporate Bond Index was up 3 cents to 115.46 early Monday.
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