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Morning Commentary: Kommunalbanken, Williams Partners, Brixmor on tap; existing Brixmor notes flat
By Cristal Cody
Tupelo, Miss., May 31 Several high-grade bond issuers are expected to tap the primary market on Wednesday.
Kommunalbanken AS intends to price a $250 million add-on to its senior floating-rate notes due March 17, 2020. The notes were initially talked to price in the Libor plus 4 basis points area.
BofA Merrill Lynch, BMO Capital Markets Corp. and Scotia Capital (USA) Inc. are the lead managers.
In corporate supply, Williams Partners LP is marketing an offering of senior notes.
Also, Brixmor Operating Partnership LP plans to price senior notes.
About $20 billion to $25 billion of new supply is expected by syndicate sources over the week.
In the secondary market early Wednesday, Brixmors 3.9% notes due March 15, 2027 were not active and last traded on Thursday at 99.14, a market source said.
Brixmor sold $400 million of the notes on March 1 at 99.009 to yield 4.021%, or a spread of Treasuries plus 155 bps.
In the broader high-grade bond market, secondary trading volume on Tuesday totaled $14.94 billion, according to Trace.
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