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Morning Commentary: Santander, Hospitality Properties Trust, International Finance, Cades on tap
By Cristal Cody
Tupelo, Miss., Oct. 17 – Banco Santander, SA announced plans early Tuesday to price senior debt securities following the company’s three-day roadshow that ended on Friday.
Also, Hospitality Properties Trust is offering senior notes due 2028.
International Finance Corp. is marketing $1 billion of five-year notes that were initially talked to price in the mid-swaps plus 6 basis points area, a source said.
Caisse d’Amortissment de la Dette Sociale, or Cades, is set to price $3 billion of two-year notes on Tuesday with a spread of mid-swaps plus 3 bps, a source said. The notes were initially talked to price in the mid-swaps plus 6 bps area.
Market sources expect deal volume to be strong over the week with about $25 billion to $30 billion of supply forecasted.
Looking ahead to Wednesday, the Federation des caisses Desjardins du Quebec (Aa2/A+/AA-) plans to kick off a three-day roadshow for a dollar-denominated Rule 144A and Regulation S notes offering.
In the secondary market, Banco Santander’s senior notes (/BBB+/A-) were mostly unchanged at the start of the session.
The company’s 3.5% notes due April 11, 2022 were flat from Monday at 102.26, a market source said.
Banco Santander sold $1 billion of the notes on April 4, 2017 at 99.38 to yield 3.64%, or a spread of Treasuries plus 168 bps.
Banco Santander’s 4.25% notes due April 11, 2027 last traded on Monday in light action at 104.23.
The Madrid-based banking company sold $1 billion of the notes in the April 4, 2017 offering at 99.11 to yield 4.36%, or a Treasuries plus 200 bps spread.
Investment-grade secondary market volume totaled $14.27 billion on Monday, according to Trace.
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