Johnson & Johnson, Union Pacific, GM Financial price deals; MUFG, Goldman Sachs firm

By Aleesia Forni and Cristal Cody

New York, Feb. 25 – Johnson & Johnson led another deluge of new deals to Thursday’s primary as issuers rushed to take advantage of strong market conditions.

General Motors Financial Co. Inc., Union Pacific Corp., Kellogg Co. and JPMorgan Chase & Co. were among the other names bringing more than $16.2 billion of paper to the investment-grade new issue market.

Orders piled into Johnson & Johnson’s $7.5 billion seven-part trade. The final book was more than 3.5 times oversubscribed, with tranches tightening by between 13 basis points and o 20 bps inside initial price thoughts.

The slew of issuers accessing the primary comes on the heels of what was a lull in issuance on Wednesday.

Still, helped by frenzied days of issuance on Monday and Tuesday, this week’s supply sits at around $45 billion so far.

One market source noted that he would “not at all” be surprised to see primary activity to close out the week on Friday due to the highly supportive market backdrop.

New bank and financial paper traded mostly better over the day.

Mitsubishi UFJ Financial Group, Inc.’s 3.85% senior notes due 2026 firmed 4 bps in the secondary market.

Goldman Sachs Group Inc.’s 3.75% senior notes due 2026 headed out 4 bps tighter.

Citigroup Inc.’s 3.7% subordinated notes due 2026 firmed 5 bps.

Morgan Stanley’s 3.875% senior notes due 2026 traded 4 bps better.

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