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Morning Commentary: MUFG, J.B. Hunt, Telefonica offer notes; Brooklyn Union on tap
By Cristal Cody
Tupelo, Miss., Feb. 26 – High-grade pricing action is expected to remain strong on Tuesday with several bond issuers preparing to tap the primary market.
Mitsubishi UFJ Financial Group, Inc. is marketing five tranches of senior notes.
J.B. Hunt Transport Services, Inc. is offering guaranteed senior notes.
Telefonica Emisiones SAU plans to price two tranches of fixed-rate guaranteed senior notes.
Mid-America Apartments, LP intends to price senior notes.
Arizona Public Service Co. is on deck with a note offering.
Highwoods Realty LP intends to bring 10-year notes to the market.
In addition, CDP Financial Inc. is marketing a Rule 144A and Regulation S dollar-denominated offering of three-year senior notes.
In other action on Tuesday, Brooklyn Union Gas Co. intends to hold fixed income investor calls for a dollar-denominated offering of 10- and 30-year senior notes.
More than $8 billion of investment-grade bonds priced on Monday, led by a $2.5 billion three-part deal from Lam Research Corp.
The week is expected by syndicate sources to post about $25 billion to $30 billion of total volume.
In the secondary market, Lam Research’s three tranches of notes traded about 10 basis points tighter than issuance, a source said.
The company sold $750 million of 3.75% notes due March 15, 2026 at a spread of 120 bps over Treasuries, $1 billion of 4% notes due March 15, 2029 at a 135 bps over Treasuries spread and $750 million of 4.875% notes due March 15, 2049 at a spread of Treasuries plus 185 bps.
Secondary market volume reached $23.73 billion on Monday, according to Trace data.
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