Morning Commentary: Occidental Petroleum, American Airlines, Crown Castle notes on tap

By Cristal Cody

Tupelo, Miss., Aug. 1 – High-grade supply jumped on Thursday following the Federal Reserve’s first rate cut since 2008 in the previous session.

Occidental Petroleum Corp. is marketing nine tranches of senior notes to fund its acquisition of Anadarko Petroleum Corp.

American Airlines, Inc. plans to price $1.1 billion of pass-through certificates in three tranches.

Crown Castle International Corp. is offering two tranches of dollar-denominated fixed-rate notes.

Southern California Edison Co. plans to price new 10-year first and refunding mortgage bonds and a tap of its 4% series 2017A first and refunding bonds due April 1, 2047 that were first priced in 2017.

In addition, Ryder System, Inc. is offering fixed-rate medium-term notes.

Investment-grade issuers stayed out of the primary market on Wednesday with the focus on the Fed’s monetary policy decision to cut rates by 25 basis points.

Supply week to date totals more than $18 billion. Market sources expected about $20 billion to $25 billion of issuance for the week.

Volume so far this week has been led by Boeing Co.’s $5.5 billion six-tranche offering of senior notes that priced on Monday.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.