Morning Commentary: EQT markets three tranches of senior notes; KfW offers $1 billion of bonds

By Cristal Cody

Tupelo, Miss., Sept. 27 – EQT Corp. announced plans early Wednesday to tap the high-grade primary market with a three-tranche senior notes offering.

Also, KfW plans to price a $1 billion offering of five-year global green bonds on Wednesday. The bonds were initially talked to price in the mid-swaps plus 12 basis points area.

Otherwise, market activity was light over the morning with the focus on politics and an expected reveal of an initial tax reform plan during the session.

EQT has not been in the primary market with a bond offering since 2011, according to market data.

The company’s last issuance is the 4.875% debentures due Nov. 15, 2021 (Baa3/BBB) that priced in a $750 million offering on Nov. 2, 2011 at 99.085 to yield 4.992% and a spread of Treasuries plus 300 bps.

The bonds were not active in the secondary market over the morning and last traded on Monday at 107.70, a source said.

Secondary market volume totaled $18.8 billion on Tuesday, up from $13.85 billion on Monday, according to Trace.

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