Bank of New York Mellon, Jackson National among issuers; bonds mixed; credit spreads soften

By Cristal Cody

Eureka Springs, Ark., April 25 – Investment-grade pricing action on Monday included three deals totaling nearly $4 billion.

Bank of New York Mellon Corp. sold $2 billion of five- and 10-year senior medium-term notes.

The bank priced $1.25 billion of 2.05% five-year notes with a spread of 70 basis points over Treasuries. The notes priced at 99.953 to yield 2.06%.

The $750 million tranche of 2.8% 10-year notes priced at 95 bps over Treasuries. The notes were sold at 99.645 to yield 2.841%.

Citigroup Global Markets Inc., Lloyds Securities Inc., BofA Merrill Lynch, UBS Securities LLC and BNY Mellon Capital Markets, LLC were the bookrunners for the deal.

Jackson National Life Global Funding priced a $1.1 billion two-part offering of senior notes (A1/A) during the session.

Also, Ascension Health Alliance sold $700 million of 30-year bonds.

The Market CDX North American Investment Grade series 23 index eased 2 bps over the session to close at a spread of 75 bps.

Earlier in the day, U.S. Bancorp’s 3.1% subordinated medium-term notes due 2026 traded about 3 bps better than issuance.

Credit Suisse Group Funding (Guernsey) Ltd.’s senior notes due 2026 softened 2 bps.

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