Morning Commentary: Charter offers notes due 2050; LeasePlan starts U.S. deal roadshow

By Cristal Cody

Tupelo, Miss., Oct. 15 – Charter Communications, Inc. is offering registered senior secured notes due 2050 through Charter Communications Operating, LLC and Charter Communications Operating Capital Corp. in the primary market on Tuesday.

The deal is expected to be benchmark-sized.

Otherwise, investment-grade market action was light at the start of the session following the long Columbus Day holiday weekend.

High-grade deal volume is forecasted to total in the $10 billion to $15 billion area this week as the focus shifts to U.S. bank earnings reports, according to syndicate sources.

JPMorgan Chase & Co., Citigroup Inc. and Wells Fargo & Co. released third-quarter results before the market opened on Tuesday. Bank of America Corp. will release its quarterly profit report on Wednesday followed by Morgan Stanley on Thursday.

In other activity on Tuesday, LeasePlan Corp. NV (Baa1/BBB-/BBB+) starts the U.S. leg of its global roadshow that kicked off in London on Monday, a source said. The roadshow for a dollar-denominated offering of five-year notes is expected to be held through Thursday.

Investment-grade issuers priced more than $9 billion of corporate bonds and more than $17 billion of sovereign, supranational and agency notes last week.

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