Bank of Tokyo Mitsubishi, Agrium, Juniper among issuers; Apple firms; financial paper soft

By Aleesia Forni and Cristal Cody

Virginia Beach, Feb. 25 – Bank of Tokyo Mitsubishi UFJ, JPMorgan Chase & Co., Agrium Inc., Juniper Networks, Inc. and Nederlandse Waterschapsbank NV sold bonds on Wednesday during another busy session for the investment-grade bond market.

New deals entering the market continued to receive tremendous demand from investors.

Bank of Tokyo Mitsubishi priced $3 billion of notes, while JPMorgan Chase sold $2.5 billion of senior holdco notes.

Nederlandse Waterschapsbank priced a $1 billion offering of 1.625% five-year notes, and Juniper sold $600 million of notes.

Canada’s Agrium offered $1 billion of debentures.

The session also saw Magellan Midstream Partners, LP issue $500 million of notes, Discovery Communications LLC issue $300 million of 10-year senior notes, and the Kingdom of Belgium price $2 billion of three-year bonds.

In total, around $10.9 billion of new issuance sold during the active session, pushing the week’s total new issuance to $28.9 billion.

Investment-grade bonds were mixed over the session, sources said on Wednesday afternoon.

The Markit CDX North American Investment Grade index edged less than 1 basis point tighter to a spread of 62 bps.

Apple Inc.’s 2.5% senior notes due 2025 traded 4 bps tighter over the session.

General Electric Capital Corp.’s 2.2% senior notes due 2020 headed out 2 bps softer.

Morgan Stanley’s 2.65% senior notes due 2020 eased 2 bps in secondary trading.

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