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Morning Commentary: Santander, Duke, OG&E, Federal Realty, Stericycle, Vistra on tap
By Cristal Cody
Tupelo, Miss., June 4 – Prospects for new investment-grade supply improved on Tuesday with several issuers marketing bonds over the morning.
Santander Holdings USA, Inc. (Baa3/BBB+/BBB+) is on deck with a two-part offering of senior notes, including fixed- and floating-rate tranches.
Duke Energy Corp. intends to price two tranches of fixed-rate notes (Baa1/A-/BBB+) due 2029 and 2049.
Oklahoma Gas and Electric Co. (A3/BBB+) plans to price $300 million of senior notes due March 15, 2030.
Federal Realty Investment Trust (A3/A-/A-) is offering 10-year fixed-rate notes.
In addition, two split-rated issuers plan to tap the primary market.
Stericycle, Inc. (BBB-/BB+) is marketing $550 million of five-year senior notes in a Rule 144A and Regulation S transaction.
Vistra Energy Corp. intends to sell $1 billion of five- and 10-year senior secured notes (expected ratings Ba1/BBB-) in a Rule 144A and Regulation S offering.
Also on Tuesday, CDP Financial Inc. (Aaa/AAA/AAA) is expected to price a Rule 144A and Regulation S dollar-denominated offering of guaranteed senior notes due June 11, 2021. Initial price talk on the two-year notes was in the mid-swaps plus 19 basis points area.
High-grade corporate issuers priced about $2.5 billion of bonds on Monday, led by Home Depot Inc.’s $1.4 billion two-part sale of senior notes.
Supply is expected to reach the $10 billion to $15 billion range this week, according to market sources.
Meanwhile on Tuesday, A.P. Moller-Maersk A/S (Baa3/BBB) is scheduled to finish a roadshow that started on Friday for a dollar-denominated Rule 144A and Regulation S offering of notes.
Looking at the secondary market, $17.96 billion of high-grade issues traded on Monday, Trace data shows.
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