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Morning Commentary: United Technologies, Zoetis, Black Hills market notes; Apache eyed
By Cristal Cody
Tupelo, Miss., Aug. 13 – United Technologies Corp. (Baa1/A-) is offering eight tranches of notes on Monday following the company’s fixed income investor calls that ended on Friday.
The company held investor calls on Thursday and Friday for the offering that will fund its acquisition of Rockwell Collins, Inc.
The Hartford, Conn.-based building and aerospace industries technology products and services provider is expected to price $12 billion to $15 billion of bonds to fund the cash portion of the acquisition, a source said.
In other deal action, Zoetis Inc. is marketing four tranches of senior notes on Monday.
In addition, Black Hills Corp. plans to sell notes as part of a remarketing of existing notes.
Also on Monday, Apache Corp. (Baa3/BBB/BBB) intends to hold fixed income investor calls, according to a market source.
BofA Merrill Lynch, Credit Suisse Securities (USA) LLC and J.P. Morgan Securities LLC are the arrangers.
Apache is a petroleum and natural gas exploration and production company based in Houston.
An offering also is expected soon from Elanco Animal Health Inc. (Baa3/BB+), which held fixed income investor calls on Thursday for a possible $2.5 billion offering of senior notes to finance the Greenfield, Ind.-based animal health products company’s spinoff from Eli Lilly & Co., according to a market source.
Citigroup Global Markets Inc., Goldman Sachs & Co. and J.P. Morgan Securities LLC are the arrangers.
About $25 billion to $30 billion of bond issuance is expected by syndicate sources this week following more than $33 billion of bond supply last week.
In the secondary market, trading volume was light on Friday with $10.22 billion of high-grade bonds traded, according to Trace.
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