Ontario prices; MUFG reopened notes firm; Citigroup, JPMorgan flat; credit spreads firm

By Cristal Cody

Eureka Springs, Ark., April 20 – Goldman Sachs Group Inc. and Credit Agricole SA tapped the investment-grade bond market on Wednesday during an otherwise mostly quiet session.

Final pricing details for the transactions were not available by press time.

The Province of Ontario brought to market $1 billion of 2.5% 10-year bonds at 99.631 to yield 2.542% on Wednesday, according to an FWP filing with the Securities and Exchange Commission.

The notes (Aa2/A+/DBRS: AA) priced with a spread of 75.2 basis points over Treasuries, or mid-swaps plus 88 bps.

BMO Capital Markets Corp., Deutsche Bank AG, London Branch, Goldman Sachs International and J.P. Morgan Securities plc were the lead managers.

In the secondary market, Mitsubishi UFJ Financial Group, Inc.’s 3.85% notes due 2026 firmed 2 bps during the session to 153 bps bid, a market source said.

The bank sold $500 million in an add-on to the 10-year notes on Tuesday at a spread of Treasuries plus 155 bps.

MUFG originally priced $2.5 billion of the notes on Feb. 23 at Treasuries plus 215 bps.

Citigroup Inc.’s 4.6% subordinated notes due 2026 were unchanged on the day.

JPMorgan Chase & Co.’s 3.3% senior notes due 2026 headed out flat.

The Markit CDX North American Investment Grade index tightened 3 bps to close at a spread of 73 bps.

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