Morning Commentary: Western Union, Intel, Dominion Gas, LabCorp, Ameren offer notes

By Cristal Cody

Tupelo, Miss., Nov. 18 – At least eight high-grade companies prepared to price bonds early Monday at the start of a week that is expected to see about $25 billion of deal volume.

Western Union Corp. is offering registered fixed-rate notes after finishing a three-day session of investor calls and meetings on Friday.

Intel Corp. is marketing two tranches of fixed-rate senior notes.

Dominion Energy Gas Holdings, LLC intends to price three tranches of senior notes due 2024, 2029 and 2049.

The company held fixed income investor calls on Thursday and Friday ahead of the announced offering, a market source said.

Arizona Public Service Co. also is in the primary market on Monday with new fixed-rate notes.

Packaging Corp. of America plans to price 10- and 30-year fixed-rate senior notes.

Laboratory Corp. of America Holdings is offering two tranches of fixed-rate senior notes.

Ameren Illinois Co. intends to bring first mortgage bonds due 2050 to the primary market.

In addition, Mid-America Apartments, LP expects to price fixed-rate senior notes.

In other activity on Monday, S&P Global Inc. is scheduled to hold fixed income investor calls for a possible bond deal, a source said. BofA Securities, Inc., Citigroup Global Markets Inc., Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC are the arrangers.

Volume was heavy last week with about $48 billion of investment-grade corporate issuance that included a $30 billion 10-tranche offering of notes from AbbVie Inc.

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