Morning Commentary: CBL & Associates, Export Development Canada on tap; CBL notes trade

By Cristal Cody

Tupelo, Miss., Aug. 29 – CBL & Associates LP announced plans early Tuesday to tap its 5.95% senior notes due Dec. 15, 2026.

Also, Export Development Canada (Aaa/AAA) intends to price an offering of Canadian dollar-denominated bonds on Tuesday. TD Securities Inc., RBC Dominion Securities Inc. and Merrill Lynch Canada Inc. are the bookrunners.

Activity in the investment-grade bond markets remains light and is expected to be mostly quiet until after the upcoming long Labor Day holiday weekend.

Looking at the high-grade secondary market, CBL & Associates’ 5.95% notes due 2026 (Baa3/BBB-/BBB-) were seen in light late-morning secondary trading on Tuesday at 104.30, a source said.

The notes were heavily traded on Monday and went out in the previous session at 103.53. The notes traded as high as 105.53 and as low as 101.05 on Monday, the source said.

CBL & Associates sold $400 million of the notes on Dec. 6, 2016 at 98.565 to yield 6.144% and a spread of 375 basis points over Treasuries.

The owner and developer of malls and shopping centers is based in Chattanooga, Tenn.

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