Morning Commentary: Deal pace slows after robust start to week; energy offerings in queue

By Cristal Cody

Tupelo, Miss., Aug. 8 – Several issuers plan to tap the investment-grade primary market on Tuesday but at a lighter pace than the heavy volume seen on Monday.

Connecticut Light and Power Co., doing business as Eversource Energy, Oklahoma Gas and Electric Co., Noble Energy, Inc. and Vereit Operating Partnership, LP are marketing bond deals.

On Monday, high-grade companies priced nearly $15 billion of bonds.

Market activity otherwise was mostly quiet at the start of the session, a source said.

The secondary market had $14.32 billion of bonds trade on Monday, according to Trace.

In early secondary trading on Tuesday, Connecticut Light and Power’s 3.2% first and refunding mortgage bonds due March 25, 2027 that priced earlier in the year were flat at 102.10, a market source said.

The Boston-based energy company sold $300 million of the bonds (A2/A+/A+) on March 2 at 99.66 to yield 3.24%, or Treasuries plus 75 basis points.

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