Morning Commentary: Investment-grade primary action quiet on Friday after active week

By Devika Patel

Knoxville, Tenn., Oct. 5 – The high-grade bond market stayed quiet over the morning on Friday, with no new deals announced or pricing.

The week, however, had been busy, bringing a reported 20 new issues to market. Among these, on Monday, Toronto-based financial services company Royal Bank of Canada priced $1.8 billion of medium-term senior notes (A2/A/AA) in two tranches.

RBC Capital Markets, LLC, Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, BofA Merrill Lynch and Morgan Stanley & Co. LLC were the lead managers.

On Tuesday, Orebro, Sweden-based funding provider Kommuninvest I Sverige AB sold $1 billion of 3% notes due Nov. 16, 2021 at mid-swaps plus 3 basis points.

BofA Merrill Lynch, BNP Paribas Securities Corp., HSBC Securities (USA) Inc. and J.P. Morgan Securities LLC were the bookrunners.

Also on Tuesday, Philadelphia-based media and technology company Comcast Corp. priced $27 billion of guaranteed senior notes in 12 fixed- and floating-rate tranches.

BofA Merrill Lynch, Wells Fargo Securities LLC, Credit Suisse Securities (USA) LLC, Mizuho Securities USA Inc., MUFG and SMBC Nikko Securities America, Inc. were the bookrunners.

On Wednesday, Enterprise Products Operating LLC priced a $3 billion three-tranche offering of senior notes via bookrunners Citigroup, Credit Suisse, RBC Capital Markets, SMBC Nikko, Barclays, Mizuho Securities, MUFG, SunTrust Robinson Humphrey, Inc., U.S. Bancorp Investments, Inc. and Wells Fargo; and the Torrance, Calif.-based financing arm of American Honda Motor Co., American Honda Finance Corp., priced $1.75 billion of medium-term notes in three parts via Barclays, BNP Paribas, JPMorgan, BofA Merrill Lynch and MUFG.

Thursday saw Houston-based public utility holding company CenterPoint Energy, Inc. sell $1.5 billion of fixed-rate senior notes in three parts.

Goldman Sachs, Morgan Stanley, Mizuho Securities, MUFG, RBC Capital Markets, PNC Capital Markets LLC, Regions Securities LLC, TD Securities (USA) LLC and U.S. Bancorp were the bookrunners.

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