Wells Fargo, Citigroup, JPMorgan, Alberta, Allstate, Potash price; Time Warner tightens

By Cristal Cody

Eureka Springs, Ark., Dec. 1 – Bank and financial issuers came out in force on Thursday to price $12 billion of high-grade bonds.

Wells Fargo Bank NA placed $5 billion of bank notes in four tranches.

Wells Fargo & Co. also sold $2 billion of 30-year notes on Thursday.

Citigroup, Inc. priced $3 billion of five-year fixed- and floating-rate notes in two parts.

JPMorgan Chase & Co. priced $2 billion of six-year notes in fixed- and floating-rate tranches.

In other pricing action, the Province of Alberta came with a $2.25 billion issue of three-year bonds.

Allstate Corp. tapped the primary market with a $1.25 billion two-part offering of senior notes.

Also, Potash Corp. of Saskatchewan Inc. brought $500 million of 10-year senior notes.

The Markit CDX North American Investment Grade index eased about 1 basis point to end at a spread of 74 bps.

In secondary trading, Time Warner Inc.’s 3.8% notes due Feb. 15, 2027 were seen about 2 bps better early in the session.

Wells Fargo Bank prices

Wells Fargo Bank sold $5 billion of bank notes in four tranches on Thursday, according to a market source.

The bank priced $700 million of two-year floating-rate notes at Libor plus 50 basis points.

Wells Fargo Bank sold $800 million of 1.8% two-year fixed-rate notes at 70 bps over Treasuries.

The $1 billion tranche of three-year floaters priced at Libor plus 65 bps.

Wells Fargo Bank also sold $2.5 billion of 2.15% three-year fixed-rate notes with a spread of 77 bps over Treasuries.

Wells Fargo Securities LLC was the bookrunner.

The bank is a subsidiary of San Francisco-based Wells Fargo & Co.

Wells Fargo brings $2 billion

Also, Wells Fargo sold $2 billion of 4.75% 30-year notes on Thursday with a spread of 165 bps over Treasuries, according to a market source.

The notes due Dec. 7, 2046 priced on the tight side of guidance.

Wells Fargo Securities was the bookrunner.

Citigroup places $3 billion

Citigroup priced $3 billion of five-year fixed- and floating-rate notes (Baa1/BBB+/A) on Thursday, a market source said.

The company sold $750 million of floating-rate notes due Dec. 7, 2021 at par to yield Libor plus 107 bps.

Citigroup priced $2.25 billion of 2.9% five-year notes at 99.829 to yield 2.937%, or 105 bps over Treasuries.

Citigroup Global Markets Inc. was the bookrunner.

Citigroup is a financial services company based in New York.

JPMorgan prints $2 billion

JPMorgan Chase priced $2 billion of six-year notes in fixed- and floating-rate tranches on Thursday, according to a market source.

The company sold $500 million of six-year floating-rate notes at Libor plus 100 bps.

JPMorgan priced $1.5 billion of 2.972% notes due Jan. 15, 2023 at a spread of Treasuries plus 108 bps.

J.P. Morgan Securities LLC was the bookrunner.

The financial services company is based in New York City.

Alberta sells notes

The Province of Alberta (Aa1/AA) in Canada sold $2.25 billion of 1.9% three-year bonds on Thursday at 99.954 to yield 1.916%, according to an FWP filing with the Securities and Exchange Commission.

The bonds priced at mid-swaps plus 34 bps, or a spread of Treasuries plus 45.95 bps.

BMO Capital Markets Corp., HSBC Bank plc, National Bank of Canada Financial Inc. and TD Securities (USA) LLC were the bookrunners.

Proceeds will be used for general government purposes.

Allstate raises $1.25 billion

Allstate sold $1.25 billion of senior notes (A3/A-) in two parts on Thursday, according to an FWP filing with the SEC.

The company priced $550 million of 3.28% 10-year notes at 99.864 to yield 3.296%, or 85 bps over Treasuries.

Allstate sold $700 million of 4.2% 30-year notes at 99.576 to yield 4.225%. The bonds priced with a spread of 110 bps over Treasuries.

Barclays, JPMorgan, BofA Merrill Lynch, Wells Fargo Securities, Citigroup Global Markets and Goldman Sachs & Co. were the bookrunners.

Proceeds will be used for general corporate purposes.

Allstate is a Northbrook, Ill.-based insurance company.

Potash sells $500 million

Potash Corp. sold $500 million of 4% 10-year senior notes on Thursday with a spread of 157 bps over Treasuries, according to an FWP filing with the SEC.

The notes (Baa1/BBB+) priced at 99.884 to yield 4.014%.

Goldman Sachs, Morgan Stanley, RBC Capital Markets Corp. and Scotia Capital (USA) Inc. were the bookrunners.

Proceeds will be used to refinance debt.

The fertilizer and related industrial and feed products company is based in Saskatoon, Sask.

Time Warner firms

In the secondary market, Time Warner’s 3.8% notes due 2027 were seen about 2 bps tighter at 148 bps bid, according to a source early Thursday.

Time Warner sold $1.5 billion of the notes (Baa2/BBB-/BBB+) on Tuesday at a spread of 155 bps over Treasuries.

The media company is based in New York.

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