Consolidated Edison, EBRD price amid Fed minutes release; JPMorgan soft; AT&T firms

By Aleesia Forni and Cristal Cody

Virginia Beach, Nov. 19 – Consolidated Edison Co. of New York, Inc. and European Bank for Reconstruction and Development each issued bonds on Wednesday, while the Federal Reserve released minutes of its latest Federal Open Market Committee meeting.

As expected, the pace of the primary was somewhat quieter during the session with the market focused on the minutes.

Still, seven issuers came to market with mostly smaller-sized deals to price $3.4 billion of new issuance on Wednesday.

The primary also saw new deals from Inter-American Development Bank, Education Realty Operating Partnership LP and OGE Energy Corp.

Both new deals from Trimble Navigation Ltd. and Boardwalk Pipelines LP were upsized from their initial planned sizes.

On the heels of the roughly $100 billion of new issuance that has priced so far this month, one market source noted that “we certainly are seeing some signs [of fatigue].”

So far, this week has seen more than $22.8 billion of new issuance.

Bank and financial paper remained mostly softer in the secondary market, a market source said.

JPMorgan Chase & Co.’s 3.625% senior notes due 2024 eased 2 bps.

In other trading, AT&T Inc.’s 3.9% notes due 2024 improved 3 bps after widening more than 20 bps in the previous two sessions, according to a market source.

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