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High-grade issuers mum during session; Carrier continues investor calls; T-Mobile deal eyed
By Cristal Cody
Tupelo, Miss., Feb. 12 – The investment-grade dollar-denominated bond market stayed quiet over Wednesday’s session.
The sole high-grade issuer was AT&T Inc. with a $1.75 billion $25-par preferred stock offering.
Week to date, bond deal volume totals more than $18 billion. About $25 billion to $35 billion of supply is expected this week by syndicate sources.
During the session, the Province of Ontario priced C$500 million of 1.85% green bonds due Feb. 1, 2027 at a spread of 49.5 basis points over the Government of Canada benchmark.
Carrier Global Corp. continued the second day of fixed income investor calls on Wednesday for a possible $9.2 billion offering of senior notes (Baa3/BBB/) as part of its spin-off from United Technologies Corp.
Otis Worldwide Corp., which also is being spun off from United Technologies, is expected to hold fixed income investor calls on Friday for a potential $5.3 billion senior note (Baa2/BBB/) offering, a market source said.
A $20 billion-plus investment-grade bond deal from T-Mobile U.S. Inc. following court approval on Tuesday for its acquisition of Sprint Corp. is expected in the primary market later in February or March.
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