Morning Commentary: Investment-grade bonds mixed; JPMorgan paper firms; Barclays eases

By Cristal Cody

Tupelo, Miss., March 20 – JPMorgan Chase & Co.’s new 10-year paper tightened in secondary trading Friday morning, while Barclays plc’s 10-year notes traded softer, according to market sources.

JPMorgan Chase’s 2.25% senior notes due Jan. 23, 2020 that the bank reopened for $1.25 billion on Thursday traded 6 bps better than where the add-on paper priced.

Barclays’ 3.625% senior notes due 2025 brought to market on March 9 eased 4 bps in the secondary market.

Coming up in primary action Friday, Bank of America Corp. is expected to bring a three-year bank note offering.

JPMorgan tightens

JPMorgan Chase & Co.’s 2.25% senior notes due Jan. 23, 2020 firmed 6 bps to 89 bps offered, a source said.

JPMorgan Chase sold a $1.25 billion add-on to the existing notes (A3/A/A+) on Thursday at Treasuries plus 95 bps.

The original $2.5 billion issue priced on Jan. 15 at 110 bps over Treasuries.

The financial services company is based in New York City.

Barclays eases

Barclays 3.625% notes due 2025 eased 4 bps to 168 bps offered, according to a market source.

Barclays sold $2 billion of the notes (A3/BBB/A) on March 9 at Treasuries plus 150 bps.

The financial services company is based in London.

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