Export Development Canada prices; JPMorgan sells floaters; AT&T, Time Warner mixed

By Cristal Cody

Tupelo, Miss., Nov. 21 – Export Development Canada tapped the U.S. primary market on Tuesday with a $1 billion dollar-denominated offering of three-year notes.

In corporate issuance, JPMorgan Chase & Co. was the lone reported high-grade issuer with a $500 million offering of long seven-year floating-rate notes.

Deal action is expected to be light over the remainder of the holiday week, according to market sources. The bond markets will close on Thursday and shut early on Friday for the Thanksgiving Day holiday.

About $5 billion to $10 billion of total bond issuance was expected by market sources for the week.

In the secondary market, AT&T Inc.’s bonds (Baa1/BBB+/A-) were mixed on Tuesday.

The Justice Department announced on Monday that it had filed a federal lawsuit to stop the company’s acquisition of Time Warner Inc.

The $85.4 billion cash and stock takeover was scheduled to close before the end of the year.

AT&T’s 3.9% notes due Aug. 14, 2027 firmed 3 basis points to 159 bps bid, a source said.

Time Warner’s notes (Baa2/BBB/BBB+) traded mostly flat to slightly weaker during the session, a source said.

Time Warner’s 2.95% notes due July 15, 2026 (Baa2/BBB/BBB+) headed out flat at 135 bps bid.

The Markit CDX North American Investment Grade 29 index tightened nearly 2 bps to close the day at a spread of 53 bps.

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