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Morning Commentary: United Technologies, Kimberly-Clark in deal pipeline; Lowe’s notes mixed
By Cristal Cody
Tupelo, Miss., May 1 – The high-grade deal pipeline started shaping up early Monday with three issuers reporting plans to price new bonds.
United Technologies Corp. is marketing a six-tranche offering of fixed- and floating-rate notes.
Kimberly-Clark Corp. plans to sell 30-year notes.
Also, PepsiCo, Inc. is moving forward with a Canadian dollar-denominated offering of senior notes following the company’s $3 billion dollar-denominated five-tranche notes sale on Thursday.
Several foreign markets, including in Europe and China, are closed on Monday for a labor day holiday.
About $25 billion to $30 billion of U.S. bond volume is forecast for the week, according to a market source.
In other action, Lowe's Cos., Inc.’s $3 billion of notes (A3/A-) brought to the primary market in April were active in the secondary market early Monday. The company’s 10-year notes softened, while the 30-year bonds improved.
On Friday, $16.22 billion of investment-grade issues were traded in the secondary market, according to Trace.
Lowe's 3.1% notes due May 3, 2027 softened in early secondary trading on Monday to 99.84 from par on Friday, a market source said.
Lowe’s sold $1.5 billion of the notes on April 19 at 99.846 to yield 3.118% and a spread of Treasuries plus 90 basis points.
Lowe's 4.05% notes due May 3, 2047 edged up to 99.87 on Monday.
The notes last traded on Friday at 99.66.
The company sold $1.5 billion of the bonds in the April 19 offering at 99.364 to yield 4.087%, or a spread of Treasuries plus 120 bps.
The home improvement company is based in Mooresville, N.C.
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