Wells Fargo, Citigroup, JPMorgan, Alberta, Allstate, Potash price; Time Warner tightens

By Cristal Cody

Eureka Springs, Ark., Dec. 1 – Bank and financial issuers came out in force on Thursday to price $12 billion of high-grade bonds.

Wells Fargo Bank NA placed $5 billion of bank notes in four tranches.

Wells Fargo & Co. also sold $2 billion of 30-year notes on Thursday.

Citigroup, Inc. priced $3 billion of five-year fixed- and floating-rate notes in two parts.

JPMorgan Chase & Co. priced $2 billion of six-year notes in fixed- and floating-rate tranches.

In other pricing action, the Province of Alberta came with a $2.25 billion issue of three-year bonds.

Allstate Corp. tapped the primary market with a $1.25 billion two-part offering of senior notes.

Also, Potash Corp. of Saskatchewan Inc. brought $500 million of 10-year senior notes.

The Markit CDX North American Investment Grade index eased about 1 basis point to end at a spread of 74 bps.

In secondary trading, Time Warner Inc.’s 3.8% notes due Feb. 15, 2027 were seen about 2 bps better early in the session.

In its deal, Wells Fargo Bank sold $700 million of two-year floaters at Libor plus 50 bps, $800 million of 1.8% two-year fixed-rate notes at 70 bps over Treasuries and a $1 billion tranche of three-year floaters at Libor plus 65 bps.

Wells Fargo Bank also sold $2.5 billion of 2.15% three-year fixed-rate notes with a spread of 77 bps over Treasuries.

Wells Fargo Securities LLC was the bookrunner.

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