Morning Commentary: ING, Quebec, Swedish Export Credit on deck; Lowe’s eyes high-grade market

By Cristal Cody

Tupelo, Miss., April 2 – Several deals are expected to price in the high-grade primary market on Tuesday.

ING Groep NV is offering fixed-rate notes due 2024 and 2029.

Quebec firmed details for its previously announced dollar-denominated offering that is registered with the Securities and Exchange Commission.

The province plans to price $1 billion of global notes due April 9, 2024 on Tuesday, according to a market source.

The notes were initially talked to price in the mid-swaps plus 27 basis points area.

CIBC World Markets Corp., J.P. Morgan Securities LLC, National Bank Financial Inc. and RBC Capital Markets LLC are the bookrunners.

In addition, Swedish Export Credit Corp. intends to bring $1 billion of two-year global notes to the primary market on Tuesday, a source said.

Initial price talk was in the mid-swaps plus 6 bps area.

BMO Capital Markets Corp., Daiwa Capital Markets Inc., NatWest Markets Securities Inc. and Scotia Capital (USA) Inc. are the bookrunners.

Meanwhile, Lowe's Cos., Inc. will hold fixed-income investor calls on Tuesday, according to a market source.

Barclays, Goldman Sachs & Co. LLC, U.S. Bancorp Investments, Inc. and Wells Fargo Securities, LLC are the arrangers.

Investment-grade issuers sold $1.5 billion of bonds over Monday’s session.

New York Life Global Funding priced an upsized $1 billion of 50-year surplus notes.

NextEra Energy Capital Holdings Inc. placed $500 million of 60-year fixed-to-floating-rate guaranteed debentures.

About $20 billion of new supply is expected over the week.

Two issuers remain in the deal pipeline after holding fixed-income investor calls on Monday.

Vinci SA (A3/A-) held calls for a debut Rule 144A and Regulation S offering of dollar-denominated notes, a source said.

HSBC Securities (USA) Inc. and Morgan Stanley & Co. LLC are the bookrunners.

AXA Equitable Holdings, Inc. (Baa2/BBB+) held calls for a a Rule 144A dollar-denominated offering of 10- and 30-year senior notes, according to a market source.

Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC and J.P. Morgan Securities are the bookrunners.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.