Credit Suisse, National Rural issue bonds; JPMorgan, Bank of America flat; Citigroup eases

By Aleesia Forni and Cristal Cody

New York, April 13 – The pace of the high-grade primary market continued to be subdued on Wednesday.

The session hosted new deals from Credit Suisse Group Funding (Guernsey) Ltd. and National Rural Utilities Cooperative Finance Corp.

Credit Suisse issued $4.5 billion of bonds in three tranches around 10 basis points inside initial price thoughts.

And the session also saw National Rural offer a $350 million 30-year fixed-to-floating-rate issue of subordinated notes.

JPMorgan Chase & Co.’s 3.3% senior notes due 2026 were unchanged on the day after the company reported first-quarter income and revenue down slightly from the same period a year ago. JPMorgan said it earned $5.52 billion, or $1.35 per share, on revenue of $24.08 billion in the first quarter, down slightly from $5.91 billion, or $1.45 per share, on $24.82 billion a year ago.

Bank of America Corp. is set to announce first-quarter earnings before the market opens on Thursday, and Citigroup Inc. reports first-quarter earnings before the opening bell on Friday.

Bank of America’s 4.45% medium-term subordinated notes due 2026 headed out flat.

Citigroup’s 4.6% subordinated notes due 2026 softened 6 bps over the day.

Goldman Sachs Group Inc.’s 3.75% senior notes due 2026 were stable in the secondary market.

The Markit CDX North American Investment Grade index opened the day 2 bps better but gave back some gains to close at a spread of 79 bps.

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