Session quiet after heavy volume; deal supply thins; Morgan Stanley, Wells Fargo firm

By Cristal Cody

Tupelo, Miss., Jan. 19 – The high-grade bond market stayed fairly quiet on Friday with no new volume following a heavy week of bank and financial issuance.

Citigroup Inc., Westpac Banking Corp., Deutsche Bank AG, New York Branch and PNC Bank, NA, Wells Fargo Bank NA, JPMorgan Chase & Co. and ANZ New Zealand International Ltd., Morgan Stanley, Goldman Sachs Group Inc., Bank of America Corp., Toronto-Dominion Bank, U.S. Bank NA and Jefferies Group LLC all priced new paper over the week.

Looking ahead to the upcoming week, syndicate sources expect issuance to be lighter with about $20 billion to $25 billion of volume forecasted.

Coming up, Canada Pension Plan Investment Board funding arm CPPIB Capital Inc. is marketing an offering of notes.

Elsewhere, new bank and financial paper priced during the week traded mostly flat to tighter in the secondary market on Friday.

The $7.5 billion of series I global medium-term senior notes that Morgan Stanley (A3/BBB+/A) sold on Thursday in three tranches tightened about 2 basis points to 6 bps.

Bank of America Corp.’s $5.25 billion of notes (A3/A-/A) priced in four tranches on Thursday were flat to about 5 bps tighter on Friday.

Wells Fargo Bank NA’s $6 billion of senior bank notes (Aa2/AA-/AA-) brought to the primary market in four tranches on Tuesday firmed about 1 bp to 3.5 bps.

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