Morning Commentary: Qualcomm preps nine-part deal; Becton Dickinson ahead; Qualcomm active

By Cristal Cody

Tupelo, Miss., May 19 – Qualcomm Inc. announced details early Friday of a planned nine-part offering of notes.

The company intends to sell three tranches of floating-rate notes and six tranches of fixed-rate notes.

Becton, Dickinson & Co. (Baa2/BBB+/BBB-) is expected to wrap its second day of fixed income investor calls on Friday for an upcoming dollar- and euro-denominated senior notes offering.

Qualcomm (A1/A+) was last in the primary market in 2015 with a $10 billion eight-part offering of senior notes.

The company’s bonds were active in secondary trading over the morning.

Qualcomm’s 3% notes due May 20, 2022 were quoted late morning at 102.54, down from where the notes last traded on Thursday at 103.32, a market source said.

Qualcomm priced $2 billion of the notes on May 13, 2015 at 99.962 to yield 3.006%, or a spread of Treasuries plus 100 basis points.

Primary and secondary market activity was light on Thursday.

The session saw $15.22 billion of high-grade bonds trade, down from $17.8 billion on Wednesday, according to Trace.

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