JPMorgan, Citi price deals; International Development, Japan Finance, DTE to offer notes

By Cristal Cody

Tupelo, Miss., April 16 – Financial paper made up the bulk of investment-grade supply on Monday with deals from JPMorgan Chase & Co. and Citigroup Inc.

JPMorgan Chase priced $4.5 billion of notes in three tranches.

Citigroup sold $2 billion of 11-year fixed-to-floating-rate notes.

Delta Air Lines Inc. also was marketing four tranches of notes.

Heavier supply is expected over the week after light volume in the previous week.

Syndicate sources forecast about $25 billion to $30 billion to as much as $35 billion of high-grade bond issuance.

Coming up on Tuesday, the International Development Association plans to price an inaugural benchmark-sized offering of five-year notes.

Also, Japan Finance Organization for Municipalities is marketing five-year global medium-term notes.

Elsewhere, DTE Electric Co. plans a round of fixed-income investor calls for a bond deal on Tuesday.

Additional bank supply is likely on the heels of the release of first quarter earnings, according to market sources. Both Citigroup and JPMorgan announced earnings on Friday.

The Markit CDX North American Investment Grade 30 index firmed about 2 basis points to end the day at a spread of 59 bps.

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