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Morning Commentary: PNM eyes notes due 2021; Kommunalbanken sells $500 million tap
By Devika Patel
Knoxville, Tenn., March 7 – Primary activity in the investment-grade bond market on Wednesday saw one new deal announced and one deal pricing, with Albuquerque energy holding company PNM Resources, Inc. announcing an offering of fixed-rate senior notes due 2021 and Helsinki, Finland-based credit institution Kommunalbanken AS pricing a $500 million add-on to its senior floating-rate notes due March 12, 2021.
Also, Stockholm-based financial services company Swedish Export Credit Corp. said its previously announced dollar-denominated five-year global notes will price for $1.25 billion at mid-swaps plus 18 basis points, with an order is in excess of $2 billion. Initial price talk was in the mid-swaps plus 20 bps area.
Barclays, BNP Paribas Securities Corp., BofA Merrill Lynch and HSBC Securities (USA) Inc. are the lead bookrunners for the Swedish Export Credit notes.
PNM Resources intends to price fixed-rate senior notes due 2021 with a make-whole call.
Wells Fargo Securities LLC and MUFG are the bookrunners for the PNM offering.
Proceeds will be used to repay the company’s loan due June 8, 2018 and borrowings under its revolver due Oct. 31, 2022 and for general corporate purposes.
Kommunalbanken (Aaa/AAA) priced $500 million more of its senior floating-rate notes due March 12, 2021 with a coupon of Libor plus 4 bps, lifting the size of the issue to $1.2 billion.
BofA Merrill Lynch, BMO Capital Markets Corp. and BNP Paribas were the bookrunners for the Kommunalbanken add-on sale.
The company originally sold $700 million of the floaters on Jan. 30 with a coupon of Libor plus 4 bps.
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