Morning Commentary: Nstar Electric plans green bonds; Fidelity, Avangrid deals eyed

By Cristal Cody

Tupelo, Miss., May 13 – About $25 billion to $35 billion of investment-grade bond issuance is expected this week by market sources.

On Monday, Nstar Electric Co., doing business as Eversource Energy, plans to hold fixed income investor calls for a dollar-denominated green bond offering, according to a market source.

BofA Merrill Lynch, Barclays, Citigroup Global Markets Inc. and TD Securities (USA) LLC are the arrangers.

The Boston-based company operates in the energy delivery business through utility subsidiaries.

Supply also is expected this week from Fidelity National Information Services, Inc., which finished a week-long roadshow on Friday for a multi-currency bond deal to help finance its acquisition of Worldpay Inc.

In addition, a possible green bond offering from New Haven, Conn., electric and gas utility Avangrid, Inc. is being marketed with the company holding fixed income investor calls on Friday, a source said.

Last week saw the year’s two biggest deals print from International Business Machines Corp. and Bristol-Myers Squibb Co. in mergers and acquisitions-related funding. Investment-grade issuers priced a total of more than $45 billion bonds last week.

Otherwise, market action was fairly quiet at the start of the day with investors digesting the news that China will impose tariffs of as high as 25% on $60 billion of U.S. products starting June 1.

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