Morning Commentary: Deal pipeline fills; Municipality Finance, International Finance to price

By Cristal Cody

Tupelo, Miss., July 11 – Several issuers joined the high-grade deal pipeline on Tuesday with plans to tap the investment-grade primary market, according to market sources.

Municipality Finance plc (Aa1/AA+) plans to price $1 billion of notes due Sept. 18, 2020 in a Rule 144A and Regulation S offering on Tuesday. The notes were talked to price in the mid-swaps plus 9 basis points area.

Also, International Finance Corp. (Aaa/AAA) is marketing an offering of global floating-rate notes due Dec. 15, 2022 that were talked to price in the Libor plus 7 bps area on Tuesday.

Portsmouth, Va.-based TowneBank announced it intends to price 10-year fixed-to-floating rate subordinated notes.

About $15 billion to $20 billion of bond issuance is expected by market participants over the week.

The three-month Libor yield was unchanged at 1.31% early Tuesday, a market source said.

In secondary market activity, overall trading volume on Monday totaled $13.97 billion, according to Trace.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.