Morning Commentary: CIBC offers notes; Mars, Swiss Re eye deals; Interstate Power firms

By Cristal Cody

Tupelo, Miss., March 26 – Canadian Imperial Bank of Commerce on Tuesday marketed a dollar-denominated offering of five-year senior notes.

A deal also is expected soon from Mars Inc. after the company started a round of fixed income investor calls on Monday for a debut offering of senior notes.

In addition, on Tuesday, Swiss Re Finance (Luxembourg) SA is expected to continue a roadshow and fixed income investor calls for a dollar-denominated Rule 144A and Regulation S offering of 30-year notes.

Otherwise, high-grade primary market action was fairly quiet at the start of the day in what is expected to be a lighter volume week.

Utility issuers came out on Monday to price more than $1 billion of bonds.

About $20 billion of investment-grade supply is expected this week, according to market sources.

In the secondary market, Interstate Power and Light Co.’s $300 million of green senior debentures due April 1, 2029 firmed about 3 basis points, a market source said.

Interstate Power and Light priced the 10-year bonds (Baa1/A-) on Monday at a spread of Treasuries plus 120 bps.

Secondary market volume included $20.36 billion of high-grade corporate bonds traded on Monday, according to Trace data.

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