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Morning Commentary: Anheuser-Busch, Washington Gas, CenterPoint notes on tap
By Cristal Cody
Tupelo, Miss., Jan. 10 – Several investment-grade issuers prepared early Thursday to bring new bonds to the primary market.
Anheuser-Busch InBev Worldwide Inc. is offering six tranches of fixed-rate guaranteed notes.
Also, following other energy issuers this week, Washington Gas Light Co. and CenterPoint Energy Houston, Electric, LLC plan to price notes.
A two-part offering from Danske Bank A/S that was postponed on Wednesday also is expected to print during the session.
In other activity over the morning, FHLBank System announced it would not issue or reopen a Global Note on Thursday with the next funding opportunity scheduled for Jan. 23.
High-grade issuers already have priced more than $18 billion of corporate bonds week to date, closing in on the $25 billion to $30 billion supply total forecast by market sources.
In the secondary market, Anheuser-Busch’s 4% senior notes due April 13, 2028 (Baa1/A-) that were priced in its last bond offering in 2018 headed out on Wednesday about 1 basis point softer at 180 bps bid, a market source said.
The bonds priced in a $2.5 billion tranche on March 20, 2018 at 99.216 to yield 4.096%, or a spread of 120 bps over Treasuries.
Energy bonds brought to the market this week have traded mostly better, another source said.
MidAmerican Energy Co.’s $1.5 billion of green first mortgage bonds (Aa2/A+) priced in two tranches on Monday have tightened about 1 bp to 7 bps.
Metropolitan Edison Co.’s $500 million of 4.3% senior notes due Jan. 15, 2029 (A3/BBB/BBB+) that came on Monday improved to the 154 bps area in the secondary market.
The Akron, Ohio-based electric utility and subsidiary of FirstEnergy Corp. sold the 10-year notes at a spread of Treasuries plus 163 bps.
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