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Strong pricing action forecast to continue; JPMorgan firms; American Express, Chevron tighten
By Cristal Cody
Tupelo, Miss., March 3 – The high-grade bond market stayed mostly quiet on Friday following more than $40 billion of supply over the week.
Issuance came in stronger than the $20 billion to $25 billion of volume forecast for the week.
Pricing action is expected to stay heavy in the upcoming week with about $30 billion to as much as $50 billion of supply from corporate and SSA issuers likely, a market source said.
Deal action is expected to be strong as issuers get in ahead of a possible rate hike later in March.
The Markit CDX North American Investment Grade index was mostly unchanged at a spread of 60 basis points.
JPMorgan Chase & Co.’s $1.75 billion of senior floating-rate notes due March 9, 2021 priced on Thursday firmed in secondary trading to 50.5 bps bid, 53.5 bps offered, a source said on Friday.
American Express Credit Corp.’s notes (A2/A-/A) priced on Tuesday tightened. The 2.2% notes due March 3, 2020 tightened to 64.5 bps bid, 62 bps offered, and the 2.7% notes due March 3, 2022 firmed to 76 bps bid, 73 bps offered.
Chevron Corp.’s senior notes (Aa2/AA-/) brought to the primary market on Tuesday traded about 3 bps to 5 bps better.
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