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Morning Commentary: High-grade bond supply thin; Yara starts investor calls; ASB continues roadshow
By Cristal Cody
Tupelo, Miss., May 21 – High-grade deal action stayed quiet at the start of Monday’s session with overall supply expected to be lighter this week heading into the Memorial Day holiday weekend and early market close on Friday.
Unum Group is offering $25-par junior subordinated notes due 2058, while Citizens Financial Group Inc. plans to sell fixed-to-floating rate preferred stock.
Syndicate sources forecast about $25 billion of bond issuance for the week, though some predict supply could hit $40 billion if issuers seeking to complete mergers and acquisitions tap the primary market.
The week before the holiday typically has lighter volume with just $22 billion of average issuance since 2011, according to a BofA Merrill Lynch note released Monday.
“However, there are still a few pending M&A deals with expected closing dates in June that have not yet obtained debt financing,” the analysts said.
Several investment-grade issuers are holding roadshows or investor calls for bond offerings this week.
Yara International ASA is expected to kick off a two-day round of fixed income investor calls on Monday for a dollar-denominated senior note offering, according to a market source.
Citigroup Global Markets Inc., Deutsche Bank Securities Inc., J.P. Morgan Securities LLC and Societe Generale CIB are the lead managers for the Rule 144A and Regulation S deal.
Also, ASB Bank Ltd.’s roadshow for a Rule 144A and Regulation S dollar-denominated offering of five-year notes continues in the U.S. market through Thursday. ASB Bank began the roadshow May 14 in Asia.
Citigroup and JPMorgan are the arrangers.
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