JPMorgan prints; Pacific Life plans deal; pipeline builds; Wal-Mart mixed; Northrop firms

By Cristal Cody

Tupelo, Miss., Oct. 13 – JPMorgan Chase & Co. priced a $1.26 billion offering of high-grade perpetual fixed-to-floating-rate non-cumulative preferred shares on Friday.

In other activity, Banco Santander, SA wrapped a three-day roadshow for a Rule 144A and Regulation S dollar-denominated offering of senior notes (A3/BBB+/A-), according to a market source.

Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and Santander Investment Securities Inc. are the leads.

Coming up on Monday, Pacific Life Insurance Co. is set to hold investor calls for a Rule 144A and Regulation S offering of 50-year fixed-to-floating-rate surplus notes.

Also in the week ahead, the Federation des caisses Desjardins du Quebec (Aa2/A+/AA-) plans to hold a roadshow from Wednesday through Oct. 20 for a dollar-denominated Rule 144A and Regulation S notes offering, according to a market source. Barclays is the bookrunner.

Primary action is expected to be strong in the upcoming week with about $25 billion to $30 billion of supply forecast, a market source said.

In the secondary market on Friday, Wal-Mart Stores, Inc.’s $6 billion of notes (Aa2/AA/AA) priced in six tranches on Wednesday traded flat to about 3 bps better.

Northrop Grumman Corp.’s $8.25 billion of fixed-rate senior notes (Baa2/BBB/BBB) sold in five tranches on Tuesday were about ½ bp to 2 bps better in secondary trading.

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