MUFG to start roadshow Monday for note sale; Time Warner, Visa, Home Depot, AT&T tighten

By Aleesia Forni and Cristal Cody

New York, Feb. 10 – Mitsubishi UFJ Financial Group, Inc. announced new deal plans and Senior Housing Properties Trust sold an upsized issue of preferred stock on Wednesday as Federal Reserve chair Janet Yellen gave testimony to Congress, easing some concerns about the future of interest rates.

Meantime, volatility continued to keep a lid on issuance for the most part.

MUFG said it will begin a roadshow next week ahead of plans to enter the primary market with a two-part issue of senior notes in fixed- and floating-rate tranches.

And the preferred market saw Senior Housing Properties Trust issue an upsized $250 million of $25-par notes due 2046. The deal’s size was increased from $100 million and sold at the tight end of talk.

In light of what one source called “extremely unstable” market conditions, the remainder of the week’s primary activity is likely to remain subdued.

U.S. investment-grade bonds traded mostly stronger over the day.

Time Warner Inc.’s 3.875% notes due 2026 firmed 3 basis points during the trading session.

Visa Inc.’s senior notes (A1/A+) traded 2 bps to 3 bps better on Wednesday.

Home Depot Inc.’s senior notes (A2/A/A) recovered some of Tuesday’s losses and traded about 1 bp to 6 bps tighter.

AT&T Inc.’s notes (Baa1/BBB+/A-) gained ground over the day and firmed about 6 bps to 10 bps.

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