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Published on 11/6/2019 in the Prospect News Investment Grade Daily.

Morning Commentary: Equinix, Ryder, Healthpeak, SEK to price; Cheniere, FHLBank on tap

By Cristal Cody

Tupelo, Miss., Nov. 6 – Investment-grade bond supply continues to pour in with several deals expected to price on Wednesday.

In the corporate deal pipeline, Equinix, Inc. plans to sell three tranches of fixed-rate senior notes.

Ryder System, Inc. is marketing new medium-term notes.

Healthpeak Properties, Inc. is on deck with senior notes due 2030.

Meanwhile, a $1 billion split-rated offering of 10-year senior notes (Ba1/BBB-/BBB-) is expected soon from Cheniere Energy, Inc. subsidiary Cheniere Corpus Christi Holdings, LLC, which held fixed income investor calls on Tuesday, a source said.

The offering is Rule 144A- and Regulation S-eligible.

Also, Vistra Energy Corp. plans to place two split-rated tranches of Vistra Operations Co. LLC senior secured notes (expected ratings Ba1/BBB-/BBB-) in a benchmark sized transaction on Wednesday, according to market sources.

In sovereign, supranational and agency supply on Wednesday, Swedish Export Credit Corp. plans to price three-year global notes, according to a market source.

The notes due Nov. 14, 2022 are initially talked to price in the mid-swaps plus 15 basis points area.

Coming up on Thursday, the Federal Home Loan Bank System announced it will price new two-year Global notes.

More than $15 billion of investment-grade corporate and sovereign, supranational and agency bonds have priced week to date.

Energy bond offerings have picked up this week with deals from Shell International Finance BV, Xcel Energy Inc., Commonwealth Edison Co., Baker Hughes, a GE Co., LLC and co-issuer Baker Hughes Co-Obligor, Inc. and Consolidated Edison Co. of New York, Inc.

About $25 billion to $30 billion of investment-grade issuance is expected by market sources for the week.


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