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Morning Commentary: Sumitomo, Crown Castle, Jabil, EIB, International Finance to price bonds
By Cristal Cody
Tupelo, Miss., Jan. 9 – Strong deal action is expected in the high-grade bond market on Tuesday following several announcements over the morning from issuers.
Sumitomo Mitsui Financial Group, Inc. is offering dollar-denominated senior fixed- and floating-rate notes.
Sempra Energy intends to price seven tranches of notes, including two tranches of floaters.
Crown Castle International Corp. is marketing two tranches of senior notes.
Jabil Inc. plans to sell senior notes.
United Community Banks, Inc. intends to price $85 million of 10-year fixed-to-floating rate subordinated notes.
Also, price talk tightened on European Investment Bank’s benchmark-sized offering of notes due March 15, 2023 that is expected to price during Tuesday’s session. Guidance tightened to mid-swaps plus 15 basis points from the mid-swaps plus 17 bps area on Monday, a source said.
In other issuance expected, International Finance Corp. plans to tap its floating-rate notes due Dec. 15, 2022. The company originally sold $500 million of the notes (Aaa/AAA) on July 11, 2017 at par to yield Libor plus 7 bps and priced a $250 million add-on on Nov. 2 with a Libor plus 6 bps yield. The total outstanding is $750 million.
In other market activity expected during the session, Patterson-UTI Energy, Inc. plans to conclude its two-day round of fixed income investor calls for a $500 million Rule 144A and Regulation S offering of senior notes (Baa2/BBB).
Market sources forecast bond supply of about $25 billion to $30 billion for the week.
Issuers priced more than $21 billion of securities in the previous week.
Looking at action in the secondary market on Monday, $14.67 billion of investment-grade issues were traded, according to Trace.
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