Morning Commentary: FMS offers five-year note; Telefonica, Anthem, Marsh, Essex eye deals

By Cristal Cody

Tupelo, Miss., Feb. 27 – FMS Wertmanagement (Aaa/AAA) is marketing a benchmark offering of five-year notes that is expected to price on Tuesday.

The notes were initially talked to price in the mid-swaps plus 12 basis points area, a source said.

Also, Telefonica Emisiones, SAU, Anthem, Inc., Becton, Dickinson and Co., Marsh & McLennan Cos., Inc. and Essex Portfolio, LP announced plans to sell notes.

Supply came in heavy on Monday and included bond deals from Starbucks Corp., Williams Partners LP, Duke Energy Carolinas, LLC, CenterPoint Energy Houston Electric, LLC, Stryker Corp., Phillips 66, Burlington Northern Santa Fe, LLC, Florida Power & Light Co., Enbridge Inc., Cargill Inc. and the Bank of England.

For the week, syndicate sources expect about $25 billion to $30 billion of bond issuance.

Investment-grade secondary trading also was strong on Monday, according to Trace data. The session had $22.18 billion of bonds trade.

In other activity, market sources were focused early Tuesday on new Federal Reserve chairman Jerome Powell’s first testimony before the House Financial Services Committee.

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