Morning Commentary: BB&T, Wyndham, Arizona Public Service in deal pipeline; Verizon softens

By Cristal Cody

Tupelo, Miss., March 16 – Several issuers are expected to tap the high-grade primary market on Thursday following the Federal Reserve’s rate hike and thin deal action in the previous session.

BB&T Corp. is marketing a two-part offering of five-year fixed- and floating-rate notes.

Wyndham Worldwide Corp. intends to price new notes.

Also, Arizona Public Service Co. plans to tap its 4.35% notes due Nov. 15, 2045.

On Wednesday, $21.55 billion of investment-grade bonds traded, up from $14.85 billion on Tuesday and $16.9 billion on Monday, according to Trace.

In the secondary market, Verizon Communications Inc.’s 4.125% notes due March 16, 2027 softened as the session opened.

They were quoted in early secondary trading at 100.72, down from where the notes went out on Wednesday at 101.23, according to a market source on Thursday.

Verizon sold $3.25 billion of the 10-year notes (Baa1/BBB+/A-) on Monday at 99.256 and a spread of Treasuries plus 160 basis points.

The telecommunications company is based in New York City.

© 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.