Bank of Montreal reopens notes; steady supply forecast; Verizon green bonds on tap

By Cristal Cody

Tupelo, Miss., Feb. 1 – Bank of Montreal priced a $103 million reopening of its two-year medium-term floating-rate notes on Friday in an otherwise quiet high-grade session.

Issuers priced more than $17 billion of bonds over the week.

Looking ahead to the Feb. 4 week, market sources expect about $15 billion to $20 billion of volume with the potential for an upside.

Verizon Communications Inc. will start the week with a round of fixed income investor calls on Monday for a dollar-denominated offering of green bonds.

Also, a possible deal may be forthcoming from Altria Group Inc., which intends to hold fixed income investor calls on Monday, a source said.

Barclays, Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Mizuho Securities USA Inc. are the arrangers.

Bank and financial issuance resumed this week with new paper trading mostly tighter in the secondary market.

Bank of Montreal’s $1.75 billion of 3.3% senior medium-term notes due Feb. 5, 2024 that priced on Thursday firmed about 4 basis points on the offered side in the secondary market.

U.S. Bank NA’s $1.7 billion of senior notes (A1/AA-/AA-) that priced in two tranches on Monday tightened 1 bp to 5 bps in the secondary market.

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