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Morning Commentary: International Development Association firms spread; bank paper on tap
By Cristal Cody
Tupelo, Miss., April 17 – International Development Association set the spread on a benchmark-sized offering of five-year notes to price on Tuesday tighter than initial guidance.
The spread was set at mid-swaps plus 7 basis points, tighter than initial price talk in the mid-swaps plus 10 bps area and improved from later guidance at the mid-swaps plus 9 bps area, a source said.
In other high-grade primary activity expected on Tuesday, the Japan Finance Organization for Municipalities is offering five-year global medium-term notes that were initially talked to price with a spread in the mid-swaps plus 50 bps area, according to a market source.
Bank and financial supply is expected to continue following exits from earnings blackout periods, sources report.
Bank of America Corp., which released first-quarter earnings on Monday, is marketing a Securities and Exchange Commission-registered Canadian dollar-denominated two-part offering of medium-term notes.
Meanwhile, the Bank of Nova Scotia intends to tap the U.S. primary market with a U.S. dollar-denominated offering of senior notes.
On Monday, JPMorgan Chase & Co. and Citigroup Inc. priced new paper after reporting first-quarter earnings on Friday.
In other market activity on Tuesday, DTE Electric Co. will hold fixed income investor calls for a green bond offering of senior secured notes (Aa3/A/A+), a source said.
About $25 billion to $35 billion of investment-grade bond volume is expected by market sources for the week.
Looking at the secondary market, high-grade trading volume came to $15.62 billion on Monday, according to Trace.
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