JPMorgan prices $750 million tap; heavy volume expected in week ahead

By Cristal Cody

Tupelo, Miss., Nov. 8 – JPMorgan Chase & Co. priced a $750 million reopening of its 2.739% 11-year fixed-to-floating rate senior notes on Friday ahead of the long holiday weekend.

Elsewhere, market focus turned to heavy supply expected in the short week ahead with a multiple-tranche bond offering anticipated from AbbVie Inc., sources report.

AbbVie continued a second day of investor calls on Friday for a Rule 144A and Regulation S private offering of senior notes (Baa2/A-/) that is expected to total as much as $30 billion.

The proceeds will be used to fund AbbVie’s acquisition of Allergan plc.

BofA Securities, Inc., Barclays and Morgan Stanley & Co. LLC are the lead managers.

A bond deal also is expected from toy and game maker Hasbro, Inc. (Baa1/BBB+/BBB-), which held fixed income investor calls on Thursday ahead of its $4 billion all-cash acquisition of Entertainment One Ltd., according to a market source.

BofA Securities, Inc., Citigroup Global Markets Inc. and J.P. Morgan Securities LLC are the arrangers.

About $45 billion to $50 billion of issuance is being eyed to price in the upcoming week, sources said.

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