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Morning Commentary: Renasant offers notes; UDR, Westpac Banking firm; Libor yield down
By Cristal Cody
Eureka Springs, Ark., Aug. 17 – Renasant Corp. is in the deal pipeline with an offering of fixed-to-floating rate subordinated notes due 2031 (Kroll: BBB), according to a 424B5 filing with the Securities and Exchange Commission on Wednesday.
Sandler O’Neill + Partners, LP is the lead bookrunner.
The week’s supply was expected to be front-loaded as desks start to thin for the last of summer vacations, according to market sources.
UDR, Inc.’s 2.95% medium-term notes due 2026 that priced on Tuesday traded more than 4 basis points better in the secondary market early Wednesday.
Westpac Banking Corp.’s 2.7% notes due 2026 tightened 2 bps.
The Markit CDX North American Investment Grade index opened about 1 bp tighter at a spread of 71 bps.
The three-month Libor yield was down 2 bps to 80 bps on Wednesday.
On Tuesday, $15.68 billion of investment-grade issues were traded, up from $11.53 billion traded on Monday, according to Trace.
UDR improves
UDR’s 2.95% notes due 2026 tightened to 133 bps offered in the secondary market, a source said.
The company (Baa1/BBB) priced $300 million of the notes on Tuesday at par with a spread of 137.5 bps over Treasuries.
UDR is a Denver-based real estate investment trust that owns and operates apartment communities.
Westpac Banking firms
Westpac Banking’s 2.7% notes due 2026 firmed 2 bps to 110 bps offered in secondary trading, according to a market source.
Westpac Banking sold $1 billion of the notes (Aa2/AA-/AA-) on Thursday at 115 bps over Treasuries.
The Australian bank and financial services provider is based in Sydney.
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