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Morning Commentary: High-grade primary action slows; Tanger offers notes; Coach softens
By Cristal Cody
Tupelo, Miss., June 28 – Primary action slowed early Wednesday with just one issuer reported in the high-grade bond deal pipeline for the session.
Tanger Properties LP is marketing new 10-year senior notes.
Supply has been active over the last two sessions with more than $10 billion of bonds priced on Monday and Tuesday.
Market participants had forecast about $15 billion of issuance for the week.
Tanger Properties’ last issuance of bonds, the reopened 3.125% senior notes due Sept. 1, 2026, softened in secondary trading over the morning, a source said.
The notes (Baa1/BBB+/) went out on Tuesday at 95.08 and were quoted late morning at 94.44 in the secondary market.
The Greensboro, N.C.-based outlet center real estate investment trust priced a $100 million add-on to the notes on Oct. 5, 2016 at 98.962 to yield 3.248% and a spread of 153 basis points plus Treasuries. The company originally sold $250 million of the notes on Aug. 1, 2016 at 99.605 to yield 3.171%, or Treasuries plus 168 bps.
In other secondary trading, Coach, Inc.’s 4.125% senior notes due July 15, 2027 were active but weaker over the morning. The notes (Baa2/BBB-/BBB) softened to 99.63 on Wednesday from 99.93 in the previous session, according to a market source. The bonds traded as high as 102.31 on June 20.
The New York City-based designer of luxury goods sold $600 million of the notes on June 6 at 99.858 to yield 4.142%, or a Treasuries plus 200 bps spread.
In the broader secondary market, trading volume climbed to $18.79 billion on Tuesday from $14.99 billion on Monday, according to Trace.
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