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Morning Commentary: Johnson & Johnson, AvalonBay, Mosaic, NiSource, Suncor offer notes
By Cristal Cody
Tupelo, Miss., Nov. 8 – Johnson & Johnson is on deck with a five-tranche offering of notes announced early Wednesday.
Primary action in the high-grade bond market is expected to be busy over the session with several issuers announcing deals.
AvalonBay Communities, Inc. is marketing fixed-rate medium-term notes.
Mosaic Co. plans to price two tranches of senior notes.
NiSource Finance Corp. intends to sell guaranteed notes.
Also, Calgary, Alta.-based Suncor Energy Inc. is offering dollar-denominated notes.
Deal action has been strong over the week with new bonds priced from issuers including Apple Inc., Oracle Corp. and Japan Bank for International Cooperation.
The three-month Libor yield ticked up 1 basis point to 1.4% on Wednesday.
In the secondary market, bonds that Johnson & Johnson priced when it was last in the primary market on Feb. 28, 2017 traded flat to softer early Wednesday, a source said.
The company’s 2.95% notes due March 3, 2027 (Aaa/AAA/AAA) weakened to 100.90 over the morning from where the notes went out on Tuesday at 101.72.
Johnson & Johnson sold $1 billion of the 10-year bonds at 99.897 to yield 2.962% and a spread of Treasuries plus 57 bps.
The New Brunswick, N.J.-based consumer products company’s 3.75% notes due March 3, 2047 softened to 104.86 early Wednesday. The notes last traded in the previous session at 105.73.
The $1 billion tranche priced in the February offering at 99.767 to yield 3.763%, or Treasuries plus 77 bps.
Investment-grade secondary trading rose to $19.8 billion on Tuesday from $14.08 billion on Monday, according to Trace.
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