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Morning Commentary: Export Development Canada offers notes; AT&T, Time Warner bonds active
By Cristal Cody
Tupelo, Miss., Nov. 21 – Export Development Canada is expected to tap the high-grade primary market on Tuesday with a U.S. dollar-denominated three-year global note offering.
Otherwise, market activity is beginning to slow in front of the Thanksgiving Day holiday. The bond markets will close on Thursday and shut early on Friday for the holiday.
Market sources expected about $5 billion to $10 billion of total bond issuance for the week.
In the secondary market over the morning, AT&T Inc.’s bonds (Baa1/BBB+/A-) were active after the Justice Department announced on Monday that it had filed a federal lawsuit to stop the company’s acquisition of Time Warner Inc.
The $85.4 billion cash and stock takeover was scheduled to close before the end of the year. President Donald Trump voiced opposition to the deal while campaigning.
AT&T said in a statement on Monday the company plans to prevail in U.S. District Court.
AT&T’s 3.9% notes due Aug. 14, 2027 were quoted over the morning at 99.92, up from 99.51 on Monday, a source said.
The 3.9% notes went out on Monday flat at 162 basis points bid, a source said.
AT&T sold $5 billion of the notes on July 27 at 99.827 to yield 3.92% and a spread of 160 bps over Treasuries.
Time Warner’s 2.95% notes due July 15, 2026 (Baa2/BBB/BBB+) traded up to 95.02 in thin trading over the morning from 94.88 on Monday, according to a market source.
The notes headed out on Monday 1 bp tighter at 135 bps bid, another source said.
The New York-based media and entertainment company sold $800 million of the notes on May 5, 2016 at 98.70 to yield 3.1%, or a spread of Treasuries plus 135 bps.
On Monday, a total of $15.7 billion of investment-grade bonds were traded, Trace reported.
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