Morning Commentary: PayPal, Walmart, Allegion, Interstate Power offer notes; EBRD eyed

By Cristal Cody

Tupelo, Miss., Sept. 19 – The investment-grade bond market roared back to life on Thursday with several deals on deck after pausing Wednesday for the Federal Reserve’s rate cut.

PayPal Holdings Inc. expects to bring five tranches of notes in the high-grade primary market following the company’s fixed income investor calls on Tuesday.

Walmart Inc. is marketing two tranches of fixed-rate senior notes.

Allegion plc is offering guaranteed fixed-rate senior notes.

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

In other market activity on Thursday, Hudson Pacific Properties Inc. will hold fixed income investor calls for a possible bond deal.

Meanwhile, European Bank for Reconstruction and Development is marketing $500 million of five-year green climate resilience bonds that are expected to price on Friday.

Initial price talk is in the mid-swaps plus 16 basis points area.

High-grade issuers have priced more than $8 billion of bonds week to date. Market sources expected about $25 million of deal volume for the week.

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