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Morning Commentary: Southwestern Electric, Bell Canada, KfW, IADB on deck; Unibail eyed
By Cristal Cody
Tupelo, Miss., Sept. 11 – Several issuers are marketing new bond deals in the high-grade primary market on Tuesday.
Southwestern Electric Power Co. is offering new notes, while Bell Canada plans to reopen its $750 million of 4.464% notes due April 1, 2048 (Baa1/BBB+) that were originally priced on March 26, 2018.
In addition, KfW (Aaa/AAA/AAA) plans to price an add-on to its 2.75% global notes due Oct. 1, 2020 that were initially talked to price with a spread in the mid-swaps minus 5 basis points area.
The issue currently has a total outstanding of $3 billion.
BMO Capital Markets Corp., Citigroup Global Markets Inc. and J.P. Morgan Securities LLC are the lead managers.
Also on Tuesday, the Inter-American Development Bank (Aaa/AAA) intends to price a dollar-denominated offering of global notes due Sept. 18, 2028.
The notes were initially talked to price in the mid-swaps plus 13 bps area.
BofA Merrill Lynch, Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC and TD Securities (USA) LLC are the lead managers.
Elsewhere, Unibail-Rodamco-Westfield SE (A2/A/A) is marketing a benchmark-sized dollar-denominated offering of senior notes with fixed income investor meetings on Monday and investor calls on Tuesday, a source said.
Citigroup, Deutsche Bank Securities Inc., JPMorgan and SMBC Nikko Securities America, Inc. are the arrangers for the Rule 144A and Regulation S offering.
Syndicate sources expect as much as $40 billion of new issuance for the week. Issuers priced nearly $9 billion of bonds during Monday’s session.
Monday’s session also had $12.82 billion of high-grade bonds traded in the secondary market, according to Trace data.
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