Morning Commentary: Stanley Black & Decker in deal pipeline; Citigroup, Wells Fargo paper firms

By Cristal Cody

Eureka Springs, Ark., Nov. 7 – Stanley Black & Decker, Inc. is set to tap the high-grade primary market, while bank and financial paper traded modestly better on the last day before the U.S. presidential election.

Citigroup, Inc.’s 3.2% notes due 2026 improved about 3 basis points in the secondary market.

Wells Fargo & Co.’s 3% notes due 2026 firmed about 1 bp.

The three-month Libor yield was stable early Monday at 88 bps.

On Friday, $13.15 billion of investment-grade issues were traded, according to Trace.

Citigroup tightens

Citigroup’s 3.2% notes due 2026 were quoted about 3 bps tighter early Monday at 142 bps offered, according to a market source.

The notes (Baa1/BBB+/A) were sold on Oct. 18 in a $3 billion tranche at a spread of 145 bps over Treasuries.

Citigroup is a financial services company based in New York.

Wells Fargo firms

Wells Fargo’s 3% notes due 2026 traded about 1 bp better at 124 bps offered, according to a market source.

Wells Fargo sold $3.5 billion of the notes (A2/A/AA-) on Oct. 19 at a spread of Treasuries plus 130 bps.

The retail, commercial and corporate banking services provider is based in San Francisco.

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