Morning Commentary: Ladenburg, Spirit AeroSystems offer notes; Yara continues investor calls

By Cristal Cody

Tupelo, Miss., May 22 – After a quiet Monday in the high-grade primary market, a couple of issuers announced plans early Tuesday to price bonds.

Ladenburg Thalmann Financial Services Inc. is marketing $25-par 10-year senior notes.

Also, Spirit AeroSystems, Inc. plans to sell three tranches of senior notes.

About $25 billion of volume is expected over the short market week with one market participant questioning if that amount would be reached.

Syndicate sources had expected bond issuance to be front-loaded with the markets scheduled to close early Friday ahead of the long Memorial Day holiday weekend.

In other action, Yara International ASA will continue the second day of a two-day round of fixed income investor calls via Citigroup Global Markets Inc., Deutsche Bank Securities Inc., J.P. Morgan Securities LLC and Societe Generale CIB on Tuesday.

The company plans to price dollar-denominated senior notes in a Rule 144A and Regulation S deal.

Also, ASB Bank Ltd. will continue holding a roadshow for a Rule 144A and Regulation S dollar-denominated offering of five-year notes in the U.S. market through Thursday. The roadshow began on May 14 in Asia.

Citigroup and JPMorgan are the arrangers.

Elsewhere, investment-grade secondary trading volume came to $14.05 billion on Monday, Trace reported.

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