Capital One prices $2 billion; JPMorgan details $2.75 billion deal; AT&T, Time Warner firm

By Cristal Cody

Eureka Springs, Ark., Jan. 26 – Capital One, NA priced a $2 billion two-tranche offering of senior bank notes on Thursday as the sole reported issuer in the U.S. high-grade primary market.

The Canadian high-grade primary market saw two deals price during the session.

Ontario priced an C$800 million add-on to its 1.95% green bonds due Jan. 27, 2023 at 99.412 to yield 2.055%.

Power Corp. of Canada sold C$250 million of new 4.81% 30-year debentures at par.

In other activity, JPMorgan Chase & Co. detailed its $2.75 billion offering of 11-year senior fixed- to floating-rate notes.

In the secondary market, AT&T Inc.’s 4.125% notes due 2026 and Time Warner Inc.’s 2.95% notes due 2026 both traded about 1 basis point better on the day.

AT&T’s 4.125% notes due 2026 traded about 1 bp tighter at 156 bps bid, according to a market source.

Time Warner’s 2.95% notes due 2026 firmed about 1 bp in secondary trading to 142 bps bid, a market source said.

AT&T announced plans in October to acquire Time Warner in an $85.4 billion cash and stock deal expected to close before the end of 2017.

The Markit CDX North American Investment Grade index ended mostly unchanged at a spread of 64 bps.

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