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Morning Commentary: Dow Chemical, Discovery Communications, WestRock, Japan Bank on tap
By Cristal Cody
Tupelo, Miss., May 16 – Deal action in the high-grade primary market got off to a strong start on Thursday with several issuers marketing bonds.
Dow Chemical Co. plans to price new senior notes (Baa2/BBB/BBB+) in a Rule 144A and Regulation S private placement offering to fund the redemption of outstanding debt.
“The current interest rate environment provides us with a window to opportunistically manage and extend our debt maturity profile,” Howard Ungerleider, president and chief financial officer of Dow Chemical, said in a news release. “While we expect this offering to be net neutral to our financial debt, it is a prudent step to maintaining a strong and flexible capital structure across the economic cycle.”
Meanwhile, Discovery Communications, LLC is marketing a benchmark-sized offering of guaranteed fixed-rate senior notes (BBB-/BBB-) on Thursday.
Also, WestRock Co. subsidiary WRKCo Inc. was offering two tranches of fixed-rate guaranteed senior notes (Baa2/BBB) over the morning.
In other activity, NRG Energy Inc. plans to hold fixed income investor calls on Thursday for dollar-denominated five-year senior secured notes (Baa3/BBB-) in a Rule 144A transaction.
Meanwhile, Japan Bank for International Cooperation is expected to tap the primary market during the session with a dollar-denominated offering of five-year guaranteed bonds (A1/A+) that were initially talked to price in the mid-swaps plus 40 basis points area.
Primary action has been heavy over the past two sessions after issuers stayed to the sidelines on Monday.
About $25 billion to $35 billion of high-grade supply was forecast for the week by market sources.
Secondary market volume also has climbed along with the improvement in high-grade supply over the week.
On Wednesday, $24.84 billion of bonds were traded, up from $20.36 billion on Tuesday and $15.78 billion on Monday, according to Trace.
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