Fidelity National Information, Mizuho, MUFG lead financial new issues; JPMorgan paper eyed

By Aleesia Forni and Cristal Cody

Virginia Beach, Oct. 13 – Financial issuers led a charge of deals to the high-grade primary market on Tuesday, offering more than $11 billion of new issuance during the session.

New deals from Fidelity National Information Services Inc., Mizuho Bank Ltd., Mizuho Financial Group Inc., Santander UK Group Holdings plc, Banco Bilbao Vizcaya Argentaria, SA and Mitsubishi UFJ Trust and Banking Corp. kicked off the shortened week, which sources say could see more than $20 billion of supply.

Because of a weaker market backdrop on Tuesday, with stocks sliding following seven straight days of gains, one source noted that initial pricing thoughts were wider on some of the day’s new deals.

Tranches of Mizuho Bank’s new deal sold up to 15 bps tighter than talk, while S.C. Johnson & Son Inc. saw the spread on its upsized 31-year notes offering launch 27.5 bps inside initial guidance.

The source also added that players will be keeping a close watch on the performance of the day’s deals in the secondary market to gauge the amount of issuance the primary could host during the remainder of the week.

JPMorgan Chase & Co.’s paper (A3/A/A+) was flat to softer in trading after the company reported third-quarter earnings, which missed analysts’ expectations.

Bank of America Corp.’s 3.875% senior notes due 2025 headed out 2 bps softer in the secondary market.

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