JPMorgan sells $3 billion notes; Quebec, IADB price; JPMorgan paper flat; Comcast notes mixed

By Cristal Cody

Eureka Springs, Ark., July 14 – Investment-grade bond issuance on Thursday included new deals from JPMorgan Chase & Co., the Province of Quebec and Inter-American Development Bank.

JPMorgan Chase sold $3 billion of 2.95% 10-year senior Holdco notes after the company reported second quarter earnings beat market forecasts.

JPMorgan said it earned $6.2 billion, or $1.55 per share, beating analyst expectations of $1.43 a share for the quarter ended June 30. In the same period a year ago, JPMorgan reported $6.3 billion of profit, or $1.54 per share.

In other primary action, Quebec priced $900 million of three-year floating-rate medium-term notes.

Inter-American Development Bank (IADB) sold $500 million of five-year global floating-rate notes.

Investment-grade bonds were mixed in the secondary market.

JPMorgan’s existing paper traded mostly unchanged on the day.

Comcast Corp.’s notes (A3/A-/A-) priced on Tuesday to fund its acquisition of DreamWorks Animation SKG, Inc. were mixed.

The Markit CDX North American Investment Grade index ended the day about 1 basis point tighter at a spread of 70 bps.

JPMorgan prices $3 billion

JPMorgan Chase sold $3 billion of 2.95% 10-year senior holdco notes at a spread of 145 bps over Treasuries on Thursday, according to a market source.

The notes due Oct. 1, 2026 (A3/A-A+) priced on the tight side of initial guidance in the 145 bps-150 bps area.

J.P. Morgan Securities LLC was the bookrunner.

The financial services company is based in New York City.

IADB sells five-year floaters

The Inter-American Development Bank sold $500 million of five-year global floating-rate notes at three-month Libor plus 20 bps on Thursday, according to a market source.

The notes due July 15, 2021 (Aaa/AAA/AAA) priced on top of guidance.

Citigroup Global Markets Inc., Goldman, Sachs & Co. and Nomura Securities International, Inc. were the lead managers.

The Inter-American Development Bank is a Washington, D.C.-based provider of financing for Latin American and Caribbean countries.

Quebec prices floaters

The Province of Quebec (Aa2/A+/AA-) priced $900 million of series A three-year floating-rate medium-term notes at par to yield Libor plus 28 bps on Thursday, according to a FWP filing with the Securities and Exchange Commission.

The notes are due July 21, 2019.

HSBC Bank plc, J.P. Morgan Securities plc, BofA Merrill Lynch and TD Securities (USA) LLC were the bookrunners.

Proceeds will be added to the consolidated revenue fund of Quebec and will also be used to repay debt.

JPMorgan stable

JPMorgan’s existing 3.3% notes due 2026 headed out flat on Thursday at 140 bps bid, according to a market source.

JPMorgan sold $2.5 billion of the notes (A3/A-) on March 18 at a spread of 145 bps plus Treasuries.

The financial services company is based in New York City.

Comcast mixed

Comcast’s 2.35% notes due 2027 traded about 1 bp tighter at 84 bps offered early Thursday, a source said.

Comcast sold $1.4 billion of the notes on Tuesday at 85 bps over Treasuries.

Comcast’s 3.4% notes due 2046 were quoted 2 bps softer at 122 bps offered earlier in the session.

The notes priced in a $1.4 billion tranche in Tuesday’s sale at Treasuries plus 120 bps.

The media and technology company is based in Philadelphia.

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