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Morning Commentary: High-grade issuers fill deal pipeline; Apple, IBM, Home Depot on deck
By Cristal Cody
Tupelo, Miss., Sept. 5 – The first full week of September is expected to be strong in the high-grade bond market with about $40 billion of high-grade volume in the works, according to market sources.
In fact, Tuesday kicked off following the long holiday weekend with numerous reported issuers planning to tap the primary market.
Apple Inc., IBM Credit LLC, Home Depot, Inc., Mizuho Financial Group, Inc., Zoetis Inc., Arrow Electronics, Inc., Caterpillar Financial Services Corp., Southern California Edison Co., Duke Energy Progress, LLC, Cigna Corp. and NiSource Finance Corp. marketed notes early Tuesday.
Primary and secondary activity stayed light over the previous week as August came to a close. The secondary market saw $5.34 billion of investment-grade bonds trade on Friday, Trace reported.
AT&T Inc.’s bonds (Baa1/BBB+/A-) continued to remain active in secondary trading over the morning after trading heavily in the past week, a market source said. The company plans to acquire Time Warner Inc. (Baa2/BBB/BBB+) in an $85.4 billion cash and stock deal scheduled to close before the end of the year.
AT&T’s 3.9% notes due Aug. 14, 2027 dropped more than a point to 101.23 on Tuesday from 102.34 on Friday.
The notes priced in a $5 billion tranche on July 27 at 99.827 to yield 3.92% and a spread of 160 basis points over Treasuries.
Time Warner’s 2.95% notes due July 15, 2026 softened in thin trading to 95.69 on Tuesday from 96.95 on Friday.
The New York-based media and entertainment company sold $800 million of the notes on May 5, 2016 at 98.70 to yield 3.1%, or a spread of 135 bps over Treasuries.
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