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Morning Commentary: Energy, bank supply eyed; East Ohio Gas, BNP, Credit Suisse on deck
By Cristal Cody
Tupelo, Miss., June 2 – Deal volume remains elevated in the high-grade primary market so far in June with more than $18 billion of bonds priced on Monday and numerous issuers marketing deals early Tuesday, market sources report.
Several investment-grade energy companies offered bonds over the morning.
East Ohio Gas Co., doing business as Dominion Energy Ohio, plans to price three tranches of senior notes (A2//A-) on Tuesday. The deal includes five-year notes with initial price talk at the Treasuries plus 145 basis points area, 10-year notes talked at the Treasuries plus 185 bps area and 30-year notes guided at the 212.5 bps spread area.
Baltimore Gas & Electric Co. is offering $400 million of 30-year notes (A3/A/A) that are initially guided to print at the Treasuries plus 175 bps area.
CenterPoint Energy Houston Electric, LLC is marketing $300 million of 30-year general mortgage bonds (A2/A/BBB+) that are initially talked to price at the Treasuries plus 175 bps area.
Bank and financial supply also is anticipated on Tuesday from BNP Paribas SA, Nordea Bank AB, Credit Suisse Group AG and Credit Suisse AG, New York Branch, SVB Financial Group and Truist Financial Corp.
In addition, other companies offering bonds early Tuesday included Infor Inc., Apollo Management Holdings LP, Affiliated Managers Group, Inc. and Protective Life Corp.
Also early Tuesday, the European Investment Bank (Aaa/AAA/AAA) launched a $5 billion offering of global notes due Sept. 15, 2023 at mid-swaps plus 10 bps, 2 bps tighter than talk.
Volume on Monday was led by a $10 billion six-tranche offering of notes from Amazon.com, Inc. (A2/AA-/A+).
About $30 billion to as much as $50 billion of investment-grade issuance is expected in the primary market over the week.
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