Liberty Property prices $350 million; RBC sells floaters; JPMorgan eyes fixed-to-floaters

By Devika Patel

Knoxville, Tenn., Jan. 22 – Tuesday brought three new deals to the primary market: Toronto-based financial services company Royal Bank of Canada priced $600 million of senior floating-rate notes (A2/A/AA), Malvern, Pa.-based real estate investment trust Liberty Property LP priced $350 million of 10-year 4.375% senior notes (Baa1/BBB/ BBB), and New York-based financial services firm JPMorgan Chase & Co. announced a planned sale of fixed-to-floating rate notes.

RBC sold $600 million of senior floating-rate notes on Tuesday.

The two-year floating-rate notes priced at par with a coupon of Libor plus 40 basis points.

RBC Capital Markets Corp. was the bookrunner.

Liberty Property sold $350 million of 10-year 4.375% senior notes on Tuesday.

The notes were sold with a spread of Treasuries plus 168 bps. The notes priced at 99.742 to yield 4.407%.

Citigroup Global Markets Inc., Goldman Sachs & Co. LLC and Wells Fargo Securities LLC are the bookrunners.

JPMorgan intends to sell fixed-to-floating rate notes, which will initially have a fixed coupon and then an interest rate based on Libor.

The notes have a make-whole call and then a par call.

J.P. Morgan Securities LLC is the bookrunner.

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