Standard Chartered prices tight; JPMorgan firms; Citi eases; Thermo tightens; Pfizer improves

By Aleesia Forni and Cristal Cody

New York, April 7 – Standard Chartered plc’s new bonds saw tight pricing during a subdued primary session, while stocks slid during a risk-off session for the market.

Standard Chartered managed to nab a book that was more than 2.5 times oversubscribed for its $1.25 billion 10-year offering.

The deal priced at a 240 basis point spread over Treasuries, inside initial price thoughts in the Treasuries plus 250 bps to 262.5 bps range.

More than $39 billion of new issuance has priced this week, with large financial trades making up the bulk of issuance.

This figure has surpassed what was predicted to be around a $30 billion week.

Investment-grade bonds were mixed in secondary trading on Thursday.

JPMorgan Chase & Co.’s 3.3% senior notes due 2026 firmed 4 bps over the session.

Citigroup Inc.’s paper traded about 1 bp to 2 bps weaker.

Thermo Fisher Scientific Inc.’s 3% senior notes due 2023 traded 3 bps better at the market close.

HSBC Holdings plc’s 4.3% senior notes due 2026 were flat on the day.

Pfizer Inc.’s 3.4% senior notes due 2024 recovered 1 bp after easing 5 bps on Wednesday following the company’s announcement its deal to acquire Dublin-based Allergan plc was off due to new federal tax inversion rules.

The Markit CDX North American Investment Grade index closed 4 bps wider at a spread of 82 bps on Thursday.

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