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Morning Commentary: High-grade issuers market bonds ahead of holiday; Time Warner notes soft
By Cristal Cody
Tupelo, Miss., March 26 – Several investment-grade bond issuers announced plans early Monday to tap the primary market with issuance set to be front-loaded over the short market week.
Dollar General Corp., Allstate Corp., Bell Canada, Valero Energy Partners LP, ABB Finance (USA) Inc. and CenterPoint Energy Resources Corp. are marketing bonds.
About $10 billion to $15 billion of volume is forecast by market sources for the week.
The bond markets will close early on Thursday and remain closed on Friday for the Good Friday holiday.
The three-month Libor was unchanged at the start of the day at 2.29%.
In early secondary trading on Monday, AT&T Inc.’s 3.9% notes due Aug. 14, 2027 (Baa1/BBB+/A-) softened to 100.24, according to a market source. The notes headed out on Friday at 100.40 and on Thursday at 100.21.
On Thursday, opening arguments began in the Justice Department’s antitrust lawsuit to block AT&T’s $85.4 billion cash and stock acquisition of Time Warner Inc.
Dallas-based AT&T sold $5 billion of the notes on July 27, 2017 at 99.827 to yield 3.92% and a spread of 160 basis points over Treasuries.
Time Warner’s 2.95% notes due July 15, 2026 (Baa2/BBB/BBB+) were not active in the secondary market over the morning, the source said. The notes softened on Friday to 90.89, compared to 92.56 on Thursday.
The New York-based media and entertainment company sold $800 million of the notes on May 5, 2016 at 98.70 to yield 3.1%, or a spread of Treasuries plus 135 bps.
On Friday, overall high-grade secondary market volume totaled $16.41 billion, according to Trace.
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