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.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.