Morning Commentary: Waste Connections, Manitoba on deck; Avolon eyes high-grade market

By Cristal Cody

Tupelo, Miss., April 9 – A couple of high-grade issuers announced plans to tap the primary market on Tuesday with much of the market’s focus on a massive six-part deal expected during the session from Saudi Arabian Oil Co.

Waste Connections, Inc. announced plans over the morning to price new 10-year senior notes.

The company held global fixed income investor calls on Monday, according to a market source.

In addition, the Province of Manitoba is marketing a dollar-denominated offering of five-year global debentures that are registered with the Securities and Exchange Commission.

Initial price talk was in the mid-swaps plus 28 basis points area.

In other action, Dublin aircraft leasing company Avolon Holdings Ltd. is holding fixed income investor calls for a possible bond offering, a market source said.

Just under $2 billion of investment-grade issues priced on Monday.

About $15 billion to $20 billion of deal volume, not including Saudi Arabian Oil’s offering, is expected over the week, sources report.

In the secondary market, $19.21 billion of investment-grade issues traded on Monday, according to Trace data.

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