Morning Commentary: ANZ New Zealand, Goldman, Verizon, EBRD eye high-grade primary

By Cristal Cody

Tupelo, Miss., Feb. 6 – Deal volume slowed early Thursday with a handful of high-grade issuers marketing bonds at the start of the session.

ANZ New Zealand International Ltd. is offering senior notes due Feb. 13, 2023 with initial revised price talk in the Treasuries plus 60 basis points area and notes due Feb. 13, 2030 that are initially talked to print in the Treasuries plus 110 bps area.

Revised price talk on both tranches was tightened 5 bps from initial price talk.

Goldman Sachs BDC, Inc. plans to price $300 million of five-year notes that are initially talked to price in the Treasuries plus 240 bps area.

Verizon Communications Inc. also expects to price a dollar-denominated registered offering of fixed-rate notes.

Sovereign, supranational and agency supply also is expected to continue on Thursday with a deal from the European Bank for Reconstruction and Development.

EBRD plans to price $500 million of five-year sustainability bonds that were initially talked to price in the mid-swaps plus 8 bps area with guidance tightened to mid-swaps plus 7 bps.

More than $19 billion of corporate bonds have priced week to date, while SSA supply totals about $10.3 billion.

Investment-grade secondary trading has been strong so far this week with $24.22 billion of bonds traded on Wednesday, $25.3 billion traded on Tuesday and $18.61 billion on Monday, according to Trace data.

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