U.S. Bancorp, U.S. Bank price; Council of Europe, EIB sell notes; credit spreads unchanged

By Cristal Cody

Eureka Springs, Ark., Jan. 19 – U.S. Bancorp priced $1.5 billion of five-year fixed- and floating-rate notes on Thursday, a day after the release of its fourth quarter and full year 2016 revenue and earnings.

In addition, subsidiary U.S. Bank NA brought $1.5 billion of three-year notes in fixed- and floating-rate tranches to the primary market during the session.

In other pricing action, the Council of Europe Development Bank sold $1 billion of three-year global notes.

The European Investment Bank also placed $500 million of three-year floating-rate notes.

Elsewhere on Thursday, the Federal Home Loan Bank System announced that it will not issue or reopen a Global Note on the scheduled Jan. 19 calendar date.

The next opportunity to issue a Global Note will be on Feb. 13, according to the news release.

The Markit CDX North American Investment Grade index closed mostly flat at a spread of 66 basis points.

In secondary trading, Morgan Stanley’s new notes (A3/BBB+/A) priced on Tuesday were mixed with the long bonds stronger.

Morgan Stanley’s 3.625% notes due 2027 were seen early Thursday about 1 bp softer at 144 bps offered, according to a market source.

Morgan Stanley’s 4.375% notes due 2047, brought to market on Tuesday in a $2.25 billion tranche at a Treasuries plus 148 bps spread, tightened to 142 bps offered in secondary trading.

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