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Market tone improves; Citigroup, RBC price tight; Apple mixed; bank, financial paper flat
By Aleesia Forni and Cristal Cody
Virginia Beach, Jan. 29 – Citigroup Inc. and Royal Bank of Canada were in the investment-grade primary with new deals on Thursday.
Citigroup sold a $2 billion three-year note, while Royal Bank of Canada priced a $2 billion covered bond.
In other primary happenings on Thursday, AT&T Inc. priced a $2.62 billion 30-year global note.
Praxair, Inc. and Select Income REIT were each in the market with multi-tranche offerings during the session.
Thursday’s $8.8 billion of new issue activity pushes the week’s total supply to roughly $18.1 billion, still short of what was predicted to be around a $20 billion to $25 billion week.
In the secondary market, bonds were mostly unchanged to modestly better, sources said.
The Markit CDX North American Investment Grade index edged less than 1 basis point tighter to a spread of 68 bps.
Apple Inc.’s notes traded flat to weaker over the day, with the company’s 3.45% notes due 2024 notes out 10 bps.
Bank and financial paper was mostly unchanged.
Goldman Sachs Group Inc.’s 3.85% notes due 2024 were flat on the day.
Morgan Stanley’s 3.875% notes due 2024 were quoted unchanged in afternoon trading.
JPMorgan Chase & Co.’s 3.625% senior notes due 2024 traded flat but about 5 bps tighter than where the paper ended on Monday.
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