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Smucker, BP Capital, Lloyds price; week tops $50 billion; bank, financial paper mixed
By Aleesia Forni and Cristal Cody
Virginia Beach, March 12 – J.M. Smucker Co., BP Capital Markets plc, Lloyds Bank plc and EOG Resources Inc. continued the recent deluge of issuance in the high-grade bond market.
Thursday’s session saw $10.65 billion of paper price during the session, pushing the week’s total supply to over $50 billion.
The month of March has already seen $114 billion of issuance in only nine trading days.
J.M. Smucker priced $3.65 billion of notes, while BP Capital brought to market a $2 billion offering.
Meanwhile, Lloyds Banking came to the primary with $2.5 billion of senior notes in three tranches, while EOG Resources issued $1 billion of notes in 10- and 20-year tranches.
Nordic Investment Bank and Helmerich & Payne International Drilling Co. each priced upsized new issues.
In the preferred space, AmTrust Financial Services Inc., Bank of America Corp. and Morgan Stanley & Co. Inc. came to market with new issues.
High-grade bonds traded mostly better over the day, while bank and financial paper was mixed as the market digested the results of the Federal Reserve’s bank stress tests, sources said.
Bank of America’s paper (Baa2/A-/A) traded mostly softer over the day.
Goldman Sachs Group Inc.’s 3.5% senior notes due 2025 tightened 2 bps.
JPMorgan Chase & Co.’s 3.125% notes due 2025 firmed 1 bp.
Wells Fargo & Co.’s 2.15% senior notes due 2020 traded 1 bp softer.
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