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Fannie Mae to forgo second benchmark notes; Goldman Sachs active; Wells Fargo notes firm
By Sheri Kasprzak and Aleesia Forni
New York, Dec. 20 - The primary market remained extremely quiet ahead of the holiday season, market sources reported.
Heading up the day's news, Fannie Mae said on Thursday that it will not use its second benchmark notes on Dec. 20.
"As announced in our 2012 benchmark securities issuance calendar, the company may forgo any scheduled benchmark notes issuance," said a statement issued by Fannie Mae.
For 2013, the agency has the option to sell benchmark notes on Jan. 2 and Jan. 9, but no amounts have been announced.
"In addition, Fannie Mae and Freddie Mac will sell bills each week," said a note on the agency's 2013 issuance calendar.
The Markit CDX Series 18 North American Investment Grade index tightened 1 bp to a spread of 89 bps on Thursday.
The recent deal from Wells Fargo & Co. continued to trade better during the session, tightening 9 basis points compared to Tuesday.
In other bank paper, Goldman Sachs' existing bonds due 2037 were among the day's most actively traded deals.
The bond widened 13 bps during the session, according to a market source.
Wells Fargo firms
A trader quoted Wells Fargo's $1.25 billion of 1.5% five-year notes at 69 basis points bid, 68 bps offered on Thursday.
The notes were trading near 70 bps bid on Wednesday.
The San Francisco-based financial services company sold the notes with a spread of Treasuries plus 78 bps on Tuesday.
Goldman Sachs active
Goldman Sachs' 6.75% bond due 2037 closed the session at 283 bps bid, 13 bps weaker on the day.
The bank priced the $2.5 billion bond at 190 bps over Treasuries in September 2007.
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