Morning Commentary: Union Pacific, DTE, Total, Commonwealth Edison, Mondelez on tap

By Cristal Cody

Tupelo, Miss., Feb. 11 – Investment-grade bond issuers prepared early Monday to make the session a busy one.

Union Pacific Corp., DTE Electric Co., F.N.B. Corp., Total Capital International, Commonwealth Edison Co. and Mondelez International, Inc. announced bond offerings over the morning.

Union Pacific is offering four tranches of notes.

DTE is marketing general and refunding mortgage bonds.

F.N.B. is on deck with 10-year fixed-to-floating rate subordinated notes.

Total Capital International intends to price notes guaranteed by parent company Total SA.

Commonwealth Edison is offering first mortgage bonds due 2049.

Mondelez International is marketing seven-year notes.

In other primary market action, Altria Group Inc. launched a four-part offering of euro-denominated notes at the start of the session. The company also may price dollar-denominated notes after holding a roadshow in the United States and Europe last week, a source said.

Investment-grade supply is expected to ramp up this week with about $25 billion to $30 billion of overall volume predicted following light issuance last week, sources said. High-grade issuers brought more than $10 billion of bonds to the market in the past week.

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