| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers G > Headlines for Goldman Sachs Group, Inc. > News item |
Goldman, Franklin Resources upsize; Bank of America, Microsoft stable; credit spreads widen
By Aleesia Forni and Cristal Cody
Virginia Beach, March 25 – Goldman Sachs Group Inc. and Franklin Resources Inc. were able to price deals amidst the softer tone on Wednesday, as weaker economic data and investor fatigue took its toll on the market
The Commerce Department reported that February’s durable goods fell more than expected by 1.4%.
This, coupled with the investment-grade market’s continued indigestion following the onslaught of supply seen so far this month, kept a lid on issuance during the session.
Still, both Franklin Resources and Goldman Sachs were able to upsize their respective new deals.
Goldman garnered an order book that was more than three times oversubscribed for its $1.5 billion two-part add-on and sold both tranches at the tight end of guidance.
Franklin sold its $400 million 10-year offering around 17.5 basis points tight of initial talk.
After remaining flat in the first two sessions of the week, credit spreads widened on Wednesday.
The Markit CDX North American Investment Grade series 23 index eased 2 bps to a spread of 65 bps.
High-grade bonds traded mostly flat to softer over the session.
Bank of America Corp.’s 4% notes due 2025 were unchanged in secondary trading.
JPMorgan Chase & Co.’s 3.125% notes due 2025 eased 4 bps.
Apple Inc.’s 2.5% notes due 2025 headed out flat.
Microsoft Corp.’s 2.7% notes due 2025 were unchanged on the day.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.