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Morning Commentary: CubeSmart to reopen two issues; CubeSmart notes trade; Verizon improves
By Cristal Cody
Tupelo, Miss., March 30 – One issuer reported plans early Thursday to tap the high-grade bond market.
CubeSmart, LP (Baa2/BBB) is marketing reopenings to its 4.375% senior notes due Dec. 15, 2023 and 4% senior notes due Nov. 15, 2025.
Market activity was mostly quiet over the morning, a source said.
In the secondary market, CubeSmart’s notes were active.
Verizon Communications Inc.’s 4.125% notes due March 16, 2027 improved in early secondary trading.
Secondary trading volume totaled $20.66 billion on Wednesday, up from $18.41 billion on Tuesday and $13.89 billion on Monday, according to Trace.
CubeSmart active
CubeSmart’s 4.375% notes due Dec. 15, 2023 traded early Thursday at 104.18, according to a market source.
The notes were last seen trading in the secondary market on March 23 at 104.36.
CubeSmart sold $250 million of the notes on Dec. 10, 2013 at 98.995 to yield 4.501% and a spread of Treasuries plus 170 basis points.
The company’s 4% notes due Nov. 15, 2025 traded as high as 101.61 and as low as 101.86 over the morning. The notes were last active in secondary trading on March 22 at 100.53.
The company sold $250 million of the notes on Oct. 19, 2015 at 99.735 to yield 4.032%, or Treasuries plus 200 bps.
CubeSmart is a Wayne, Pa.-based real estate investment trust of self-storage facilities.
Verizon improves
Verizon Communications’ 4.125% notes due March 16, 2027 traded a dime better over the morning at 101.96, a market source said.
The notes headed out on Wednesday at 101.86.
Verizon sold $3.25 billion of the notes (Baa1/BBB+/A-) on March 13 at 99.256 and a spread of Treasuries plus 160 bps.
The telecommunications company is based in New York City.
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