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Two FirstEnergy utilities price deals as pace slows; Morgan Stanley firms; JPMorgan stable
By Aleesia Forni and Cristal Cody
Virginia Beach, June 5 – A pair of utility trades sold during a quieter session for the high-grade bond market on Thursday.
Pennsylvania Electric Co. brought a $200 million issue of 4.15% notes, while Metropolitan Edison Co. priced $250 million of 4% notes.
Both FirstEnergy Corp. subsidiaries were in the market with long 10-year deals and each sold at the tight end of price talk.
Despite the decline in activity on Thursday, the primary has still seen more than $30 billion of paper price this week.
Friday’s nonfarm payrolls data is likely to keep issuers on the sidelines to close out the week.
After remaining flat over the week, investment-grade credit spreads tightened on Thursday, according to market sources.
The Markit CDX North American Investment Grade series 22 index firmed 2 basis points to a spread of 60 bps.
Financial paper was flat to about 2 bps tighter on the day, according to a market source.
In the secondary market, Morgan Stanley & Co. Inc. 3.875% notes due 2024 traded about 2 bps better, a source said.
JPMorgan Chase & Co.’s 3.625% notes dues 2024 were flat to slightly better, according to market sources.
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