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Morning Commentary: Camden Property Trust to sell notes; Union Electric to price bonds
By Devika Patel
Knoxville, Tenn., Sept. 23 – The high-grade bond market was fairly quiet as the week began on Monday morning, with two new deals announced.
Houston-based Camden Property Trust, a real estate investment trust for apartment communities, reported that it intends to sell notes, and St. Louis-based Union Electric Co., doing business as Ameren Missouri Co., a public utility holding company and unit of Ameren Corp., announced that it will sell first mortgage bonds due 2023.
Looking ahead, Thermo Fisher Scientific Inc. expects to begin marketing a dual-currency offering of senior notes with fixed income investor calls.
Deal volume in the week is anticipated to be in the $20 billion area, according to market sources.
Camden plans notes
Camden Property Trust intends to price notes with a make-whole call and then a par call.
BofA Securities LLC, Jefferies LLC, J.P. Morgan Securities LLC, U.S. Bancorp Investments Inc. and Wells Fargo Securities LLC are the bookrunners.
Proceeds will be used for the early redemption of all of the company’s $250 million of 4.625% senior notes due 2021 and to repay all of the $45.5 million of its 4.38% secured conventional mortgage notes due 2045.
Union Electric eyes bonds
Union Electric said it plans to sell first mortgage bonds due 2023.
The bonds have a make-whole call and then a par call.
JPMorgan, SunTrust Robinson Humphrey Inc., U.S. Bancorp Investments, Wells Fargo and KeyBanc Capital Markets LLC are the bookrunners. C.L. King & Associates, Drexel Hamilton and Samuel A. Ramirez & Co. Inc. are the co-managers.
Proceeds will be used to repay at maturity $244.3 million of the company’s 5.1% senior secured notes due Oct. 1, 2019 and to repay a portion of its short-term debt.
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