Newell Rubbermaid does acquisition deal; JPMorgan also prices; Apple tightens; financials mostly better

By Aleesia Forni and Cristal Cody

New York, March 18 - Newell Rubbermaid Inc. and JPMorgan Chase & Co. entered the high-grade primary market on Friday.

The two new deals ended a week that saw more than $40 billion of new issuance price, with the bulk of that total coming on the heels of the Federal Reserve’s two-day policy meeting and its decision to hold interest rates steady.

In a highly anticipated deal, Newell Rubbermaid priced $8 billion of bonds in six tranches, all a staggering 40 bps to 50 bps inside initial price thoughts.

Proceeds from the deal will be used to help fund the company’s acquisition of Jarden Corp.

And JPMorgan issued $4 billion of bonds in three tranches due March 22, 2019 and April 1, 2026.

Newell Rubbermaid’s notes were seen in the gray market about 15 basis points tighter than where the bonds priced.

JPMorgan Chase’s 4.25% subordinated bonds due 2027 traded about 2 bps softer in the secondary market on the company’s new bond offering.

Apple Inc.’s notes (Aa1/AA+) reopened on Thursday traded about 3 bps better over Friday’s session and 3 bps to 5 bps tighter than where the bonds priced.

In other secondary trading, Morgan Stanley & Co. Inc.’s 3.875% senior notes due 2026 tightened 9 bps over the day.

Mitsubishi UFJ Financial Group, Inc.’s new 3.85% senior notes due 2026 firmed 5 bps.

The Markit CDX North American Investment Grade index closed 2 bps weaker at a spread of 85 bps on Friday.

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