Goldman Sachs, National Rural, BPCE bring issues; bonds mixed; Morgan Stanley paper weak

By Aleesia Forni and Cristal Cody

Virginia Beach, Jan. 20 – Goldman Sachs Group Inc., National Rural Utilities Cooperative Finance Corp., BPCE SA and Southwestern Energy Co. priced new bonds on Tuesday, opening the shortened week on a positive note.

Goldman Sachs sold $3 billion of senior notes in three tranches.

The session also saw National Rural Utilities Cooperative Finance bring an upsized $900 million two-part offering of collateral trust bonds.

Southwestern Energy priced $2.2 billion of bonds in three tranches.

France's BPCE was also in the market, though details of the sale were unavailable at press time.

In forward calendar news, Kommuninvest i Sverige AB, Dexia Credit Local and Third Point Re (USA) Holdings Inc. announced plans to bring new bond offerings to market.

Bonds were mixed in secondary trading over the session, according to market sources.

Southwest Energy’s tranche of notes due 2020 were active in aftermarket trading, while the other issues were not immediately seen, according to a trader.

Morgan Stanley’s paper (Baa2/A-/A) traded flat to weaker over the day after the investment bank reported lower-than-expected fourth-quarter revenue, according to a market source.

Verizon Communications Inc.’s bonds (Baa1/BBB+/A-) were mostly stable in front of the company’s fourth-quarter earnings report scheduled for release on Thursday, a source said.

The Markit CDX North American Investment Grade series 23 index eased 1 basis point to a spread of 73 bps.

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