Morning Commentary: Interstate Power, Connecticut Light on deck; Swiss Re on road

By Cristal Cody

Tupelo, Miss., March 25 – A few high-grade issuers marketed dollar-denominated bond offerings early Monday.

Interstate Power and Light Co. announced plans to price new senior debentures.

Connecticut Light and Power Co., doing business as Eversource Energy, plans to tap its 4% first and refunding mortgage bonds due April 1, 2048 that were originally issued on March 28, 2018.

Meanwhile, reverse Yankee supply continues with a euro-denominated note offering on Monday from Nasdaq, Inc.

In other action on Monday, Swiss Re Finance (Luxembourg) SA plans to start a two-day roadshow and fixed income investor calls for a dollar-denominated Rule 144A and Regulation S sale of 30-year notes.

The roadshow will continue through Tuesday in the United States and London.

BofA Merrill Lynch, Barclays, Citigroup Global Markets Inc. and Wells Fargo Securities LLC are the arrangers.

Deal volume is expected to be lighter this week with about $20 billion of investment-grade supply forecast, according to market sources.

High-grade issuers priced more than $18 billion of corporate bonds last week, short of market forecasts of $20 billion to $25 billion of issuance.

Average typical issuance points to $18 billion of supply this week based on data from 2011 through 2018, according to a BofA Merrill Lynch research report released on Monday.

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