Citigroup, Credit Agricole, Morgan Stanley do deals; JPMorgan, Bank of America paper firms

By Aleesia Forni and Cristal Cody

Virginia Beach, June 3 – Citigroup Inc., Credit Agricole SA and Morgan Stanley led a session that saw $5.85 billion of new paper price, pushing the total supply for June’s opening week to more than $16.5 billion.

Citigroup’s new two-tranche offering of notes included a $2.5 billion subordinated tranche due 2025 and a $500 million floating-rate note due 2019.

Also on Wednesday, Credit Agricole brought to market a $1.75 billion two-part issue of five-year notes.

Morgan Stanley upsized its senior green bond offering to $500 million from initial size thoughts of $300 million.

Singapore’s Flextronics International Ltd. attracted an order book that was more than 4.5 times oversubscribed for its new upsized $600 million offering of senior notes.

Also on Wednesday, Fannie Mae and Pershing Square Holdings, Ltd. each announced plans to bring new deals to the primary market.

Investment-grade bonds were mixed, while credit spreads widened on Wednesday, market sources said.

The Markit CDX North American Investment Grade series 23 index eased 1 basis point to a spread of 65 bps.

Morgan Stanley’s existing 2.65% notes due 2020 traded 1 bp better.

JPMorgan Chase & Co.’s 3.125% notes due 2025 tightened 4 bps over the day.

Bank of America Corp.’s 4% notes due 2025 traded about 1 bp better.

Citigroup’s 3.3% senior notes due 2025 were unchanged on Wednesday.

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