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Financials Primary Updates: BNS, NYLIFE, JPM

CREDIT SUPPLY
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A range of financials primary updates:

  • Scotiabank (BNS: A2/A-/AA-) EUR benchmark 3yr FRN final spread: 3mE+53bp. IPT was 3mE+75bp, books above EUR1.1bn (ex-JLMs).
  • New York Life (NYLIFE: Aaa/AA+/AAA) EUR500m 10yr FA-backed final spread: MS+85bp. IPT was MS+105-110bp, books above EUR1bn (incl. JPMs).
  • JP Morgan (JPM: A1/A-/AA-) two-tranche and/or issue. EUR benchmark 4NC3 senior unsecured guidance is MS+55-60bp (will price in range). IPT MS+80-85bp area, books above EUR2.8bn. Also, EUR500m 4NC3 FRN with 3mE+ margin equivalent to the above fixed rate – this is an “and/or” deal structure.
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A range of financials primary updates:

  • Scotiabank (BNS: A2/A-/AA-) EUR benchmark 3yr FRN final spread: 3mE+53bp. IPT was 3mE+75bp, books above EUR1.1bn (ex-JLMs).
  • New York Life (NYLIFE: Aaa/AA+/AAA) EUR500m 10yr FA-backed final spread: MS+85bp. IPT was MS+105-110bp, books above EUR1bn (incl. JPMs).
  • JP Morgan (JPM: A1/A-/AA-) two-tranche and/or issue. EUR benchmark 4NC3 senior unsecured guidance is MS+55-60bp (will price in range). IPT MS+80-85bp area, books above EUR2.8bn. Also, EUR500m 4NC3 FRN with 3mE+ margin equivalent to the above fixed rate – this is an “and/or” deal structure.