Jobs data keeps high-grade issuance at bay; MUFG, Goldman firm; Morgan Stanley steady

By Aleesia Forni and Cristal Cody

New York, April 1 – Market activity was slim in the high-grade space to close out the week on Friday.

Players were focused on the release of March’s stronger-than-anticipated jobs data.

The Labor Department reported that the economy added 215,000 jobs during the month of March.

In total, the high-grade primary market logged around $15.98 billion of new issuance to end the quarter this week and wrapped up a month of March that saw more than $142 billion of new investment-grade issuance.

Meantime, Lipper US Funds Flows reported around $211 million of inflows into the asset class for the week ended March 30, bringing the year-to-date total to around $519 million of outflows, according to a market source.

The figure follows last week’s $1.3 billion inflows total.

Investment-grade bank and financial paper traded flat to tighter over the day.

Mitsubishi UFJ Financial Group, Inc.’s new 3.85% senior notes due 2026 tightened 9 basis points over the session.

Goldman Sachs Group, Inc.’s 3.75% senior notes due 2026 traded 5 bps better on Friday.

Morgan Stanley’s 3.875% senior notes due 2026 were unchanged in the secondary market.

In other secondary trading, Apple Inc.’s 3.25% notes due 2026 headed out 1 bp softer.

The Markit CDX North American Investment Grade index tightened 4 bps to close at a spread of 75 bps.

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