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Japan Bank for International Cooperation, Quebec bring deals; HSBC firms; JPMorgan softens
By Aleesia Forni and Cristal Cody
New York, April 12 – Japan Bank for International Cooperation and Quebec entered the high-grade bond market on Tuesday as oil prices surged to year-to-date highs.
Japan’s JBIC offered $2.5 billion of bonds in two parts in a deal that was announced earlier this week.
Included in the sale was $1 billion of 1.875% five-year notes priced at 99.744 to yield 1.929%, or Treasuries plus 72.9 bps.
And $1.5 billion of 2.375% 10-year bonds priced with a spread of 66.5 bps over Treasuries. Pricing was at 99.506 to yield 2.431%.
Sovereign issuer Quebec hit the primary with a $2 billion 10-year offering.
With earnings season underway, the day’s new deals continue what has been a slower week for the market.
Only around $15 billion of new issuance is expected this week, coming on the heels of last week’s $39 billion total.
Investment-grade bonds were mixed in secondary trading over the day.
HSBC Holdings plc’s 4.3% senior notes due 2026 improved 3 basis points on Tuesday.
JPMorgan Chase & Co.’s 3.3% senior notes due 2026 traded 6 bps weaker.
Apple Inc.’s 3.25% notes due 2026 softened 3 bps in the secondary market.
AT&T Inc.’s 4.125% notes due 2026 widened 5 bps on the day.
The Markit CDX North American Investment Grade index firmed 1 bp to close at a spread of 80 bps.
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