Morgan Stanley, JPMorgan Chase, Rabobank, BMW tap primary; European Bank sells notes

By Cristal Cody

Tupelo, Miss., April 19 – Bank and financial supply continued to dominate the high-grade market on Thursday with deals priced from Morgan Stanley, JPMorgan Chase Bank, NA, Cooperatieve Rabobank UA, New York Branch and the European Bank for Reconstruction and Development.

Morgan Stanley sold $3.75 billion of notes in two tranches.

JPMorgan Chase Bank tapped the primary market with a $3.5 billion two-part offering of three-year notes.

Cooperatieve Rabobank, New York Branch priced $1.75 billion of notes in two parts.

Also, BMW US Capital, LLC priced a $500 million tap of its floating-rate notes due April 6, 2020.

The European Bank for Reconstruction and Development sold $1.75 billion of three-year notes.

Bank and financial supply over the week also has included new issuance from JPMorgan Chase & Co., Citigroup Inc. and Goldman Sachs Group Inc.

In other high-grade market action on Thursday, Canadian oil and natural gas company Harvest Operations Corp. (Aa2/AA/) began a two-day round of fixed-income investor calls for a dollar-denominated senior note deal, a source said.

BofA Merrill Lynch and SMBC Nikko Securities America, Inc. are the arrangers.

The Markit CDX North American Investment Grade 30 index eased about 1 basis point to close at a spread of 60 bps.

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