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Morning Commentary: Wells Fargo, Essex, EIB, Quebec, Santander to tap primary markets
By Cristal Cody
Tupelo, Miss., Feb. 4 – New investment-grade corporate and sovereign, supranational and agency bond supply is expected over Tuesday’s session.
Wells Fargo & Co. is offering two tranches of rate reset notes.
The deal includes a tranche of notes due Feb. 11, 2026 that is initially talked to print with a spread in the Treasuries plus 90 basis points to 95 bps area and a tranche of notes due Feb. 11, 2031 talked to price at the Treasuries plus 115 bps to 120 bps area.
Essex Portfolio, LP is marketing $400 million of guaranteed registered fixed-rate senior notes due March 15, 2032 following fixed income investor meetings held on Monday.
Initial price talk is in the Treasuries plus 135 bps area.
The high-grade SSA primary market is expected to see its first bond deals after more than a week of no issuance.
The European Investment Bank launched a $3 billion offering of global notes due May 15, 2023 at the start of the session at mid-swaps plus 6 bps, tighter than initial price talk in the mid-swaps plus 8 bps area.
The Province of Quebec also launched a $2.5 billion offering of notes due Feb. 11, 2025 early Tuesday at mid-swaps plus 19 bps.
The notes were initially talked to price in the mid-swaps plus 21 bps area.
In addition, Santander UK plc plans to price a dollar-denominated offering of senior notes during the session.
A handful of companies are moving to tap the euro-denominated primary market on Tuesday, including International Business Machines Corp., markets sources report.
More than $6 billion of high-grade corporate bonds priced on Monday.
About $15 billion to $20 billion of deal volume is expected this week, according to syndicate sources.
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