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Morning Commentary: FMS Wertmanagement deal talk tightens; Crown Castle, Worthington to price
By Cristal Cody
Tupelo, Miss., July 25 – Several issuers firmed plans for bond offerings in the high-grade primary market on Tuesday.
Guidance on FMS Wertmanagement’s dollar-denominated offering of five-year global benchmark notes tightened about 1 basis point from initial price talk to the mid-swaps plus 14 bps area early Tuesday, according to a market source.
Crown Castle International Corp., which held global fixed income investor calls on Monday, announced it intends to price two tranches of senior notes (//BBB-).
Also, Worthington Industries, Inc. is marketing senior notes (Baa3/BBB) due 2032.
Earnings reports are expected to dominate the session with companies including General Motors Co., McDonald’s Corp., Caterpillar Inc. and AT&T Inc. releasing quarterly results.
The Federal Reserve also kicks off the first day of its two-day monetary policy meeting on Tuesday.
In secondary market activity over the morning, AT&T’s notes (Baa1/BBB+/A-) traded mostly softer.
AT&T’s 4.25% notes due March 1, 2027 were quoted at 103.55, softer than where the notes went out on Monday at 104.11, a market source said.
The Dallas-based telecommunications company sold $2 billion of the notes on Jan. 31, 2017 at 99.94 to yield 4.26% and a spread of Treasuries plus 180 bps.
AT&T plans to acquire Time Warner Inc. in an $85.4 billion cash and stock deal that is expected to close before the end of 2017.
Verizon Communications Inc. releases its earnings report on Thursday. The company’s 4.125% notes due March 16, 2027 (Baa1/BBB+/A-) softened modestly to 103.02 from 103.36 on Monday, a market source said.
Verizon sold $3.25 billion of the bonds on March 13 at 99.256 to yield 4.22% and a spread of Treasuries plus 160 bps.
The telecommunications company is based in New York City.
Overall secondary market volume on Monday totaled $13.3 billion, according to Trace.
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