JPMorgan, Nordic Investment Bank, Brinker price as primary action slows; S&P Global better

By Cristal Cody

Eureka Springs, Ark., Sept. 20 – More than $4 billion of high-grade bonds priced on Tuesday with activity slowing ahead of the conclusion of monetary policy meetings from the Federal Reserve and Bank of Japan on Wednesday.

JPMorgan Chase Bank NA brought $3 billion of senior notes in four tranches.

The bank priced $1 billion of two-year floating-rate notes at Libor plus 45 basis points, $500 million of 1.45% two-year notes at a spread of 70 bps plus Treasuries, $500 million of three-year floating-rate notes at Libor plus 59 bps and $1 billion of 1.65% three-year notes at a spread of 77 bps plus Treasuries.

The fixed-rate notes priced on the tight side of guidance.

New issuance also included a $1 billion sale of two-year global notes from Nordic Investment Bank.

Brinker International, Inc. tapped the primary markets with a $350 million offering of split-rated non-callable eight-year senior notes.

The Markit CDX North American Investment Grade 27 index rolled to a new series and closed 7 bps wider at a spread of 82 bps on Tuesday.

In the secondary market, S&P Global Inc.’s 2.95% senior notes due 2027 traded earlier on Tuesday at 133 bps bid in the secondary market, a source said.

S&P Global (Baa1//BBB+) sold $500 million of the notes on Monday at a spread of 135 bps over Treasuries in a Rule 144A/Regulation S private placement transaction.

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