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BofA brings $5 billion; Kommunalbanken, CSX also price; BofA, JPMorgan, Goldman stable
By Aleesia Forni and Cristal Cody
Virginia Beach, April 16 – Bank of America Corp. led the charge for the high-grade bond market on Thursday, pricing $5 billion of notes in three parts following its earnings report earlier this week.
The bank sold $2 billion of five-year senior notes, along with $2.5 billion of 10-year and $500 million of 30-year subordinated notes.
Elsewhere on Thursday, Kommunalbanken AS sold a $1 billion offering of 10-year notes, though details of the sale were unavailable at press time.
The session also hosted an upsized $600 million 35-year new issue from CSX Corp. and a new $300 million sale from Willow No. 2 (Ireland) plc.
Thursday’s primary action pushes the week’s total supply past expectations to $17.4 billion.
In the preferred market, Goldman Sachs Group Inc. announced plans to sell $1,000-par series M fixed-to-floating rate noncumulative perpetual preferreds.
Price talk was 5.5%, a trader reported.
“They’ll probably push that,” he noted.
Bank and financial paper headed out mostly flat, while credit spreads were modestly softer on Thursday, sources said.
The Markit CDX North American Investment Grade series 23 index eased 1 basis point to a spread of 62 bps.
Bank of America’s 4% notes due 2025 were unchanged in secondary trading.
JPMorgan Chase & Co.’s 3.125% notes due 2025 traded flat on the day.
Goldman Sachs Group’s 3.5% notes due 2025 were stable.
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