Sweden, Valspar, JPMorgan, Freddie Mac enter primary; JPMorgan, bank paper mostly soft

By Aleesia Forni and Cristal Cody

Virginia Beach, Jan. 15 – The investment-grade bond market saw new deals price from the Kingdom of Sweden, JPMorgan Chase & Co. and Valspar Corp. on Thursday amidst continued market volatility.

The Kingdom of Sweden priced $2.5 billion of three-year notes, while Valspar priced $500 million of notes in two tranches.

JPMorgan was also in the market with an offering of notes, though details of the sale were unavailable at press time.

The session also saw Freddie Mac sell a $4 billion issue of Reference Notes.

More than $25 billion of new investment-grade paper has priced so far this week, nearly meeting what was expected to be around $30 billion of supply.

JPMorgan Chase’s new notes due 2025 were seen quoted weaker in the gray market ahead of pricing at 148 basis points bid, wider than where the paper launched at 145 bps offered, a trader said.

In other secondary trading, JPMorgan’s 3.625% senior notes due 2024 eased 3 bps, a source said.

Goldman Sachs Group Inc.’s 3.85% notes due 2024 widened 4 bps over the session.

Morgan Stanley & Co. Inc.’s 3.875% notes due 2024 were 2 bps softer on the day.

Bank of America Corp.’s 4% notes due 2024 traded flat to 1 bp weaker.

The Markit CDX North American Investment Grade series 23 index eased 1 bp to a spread of 72 bps.

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