Bank, financial supply heavy; Morgan Stanley, Goldman, Bank of America, TD Bank price notes

By Cristal Cody

Tupelo, Miss., Jan. 18 – Bank and financial issuers dominated high-grade primary activity on Thursday.

Morgan Stanley, Goldman Sachs Group Inc., Bank of America Corp., Toronto-Dominion Bank, U.S. Bank NA and Jefferies Group LLC all priced new paper during the session.

Bank and financial supply has been the focus for most of the week with new deals priced earlier in the week from Citigroup Inc., Westpac Banking Corp., Deutsche Bank AG, New York Branch, PNC Bank, NA, Wells Fargo Bank NA, JPMorgan Chase & Co. and ANZ New Zealand International Ltd.

In addition, Lloyds Banking Group plc tapped the Canadian high-grade primary market with a C$500 million offering of 3.5% senior notes due Feb. 3, 2025 (A3/BBB+/A+) that priced at par to yield a spread of 135 basis points over the interpolated Government of Canada bond curve, a source said.

The offering from the London-based bank and financial services group is Canada’s first maple bond offering of 2017.

In other corporate issuance on Thursday, Southwestern Electric Power Co. and Buckeye Partners, LP priced notes.

The Markit CDX North American Investment Grade 29 index closed mostly unchanged at a spread of of 48 bps.

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