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Morning Commentary: Kimberly-Clark, Paccar, Credit Suisse on deck; Lloyds paper firms
By Cristal Cody
Tupelo, Miss., Jan. 30 – Three high-grade issuers marketed new bond deals over the morning on Thursday following light supply in the previous session.
Kimberly-Clark Corp. plans to price $500 million of senior notes due Feb. 7, 2050 (A2/A), according to a market source.
Initial price talk is in the Treasuries plus 100 basis points to 105 bps area.
Paccar Financial Corp. (A1/A+) is offering five-year medium-term notes in the high-grade primary market, according to an informed source.
The notes due Feb. 6, 2025 are initially talked to price with a spread in the 65 bps over Treasuries area.
Also, Credit Suisse AG, New York Branch expects to price floating-rate senior notes due Feb. 4, 2022 (A1/A+) during the session, a source said. Initial price talk is in the SOFR plus high 50 bps area.
More than $7 billion of investment-grade notes have priced week to date.
Issuers stayed out of the primary market on Monday, while deal volume was light on Wednesday with market focus on the Federal Reserve’s monetary policy rate decision.
About $20 billion to $25 billion of deal volume was expected for the week, according to syndicate sources.
In the secondary market, Lloyds Banking Group plc’s 2.438% senior fixed-to-fixed rate notes due Feb. 5, 2026 (A3/BBB+/A+) brought to the primary market on Wednesday improved about 4 bps, a source said.
Lloyds sold $1 billion of the notes at par to yield a spread of 100 bps over Treasuries.
Initial price talk was in the Treasuries plus 120 bps area.
The rate on the notes will reset Feb. 5, 2025 to Treasuries plus 100 bps.
Secondary trading volume climbed to $23.23 billion on Wednesday, up from $21.59 billion on Tuesday and $18.12 billion on Monday, according to Trace data.
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