There are now four deals currently on the March calendar, suggesting that the nearly $15 billion or so slated for the month might get done. Of that, $4 billion in fixed issuance is circulating around the market. Prudential has a $950 million offering with joint leads Bear Stearns, CIBC World Markets and Wells Fargo expected by last Friday. The triple-A 5s and 10s are being talked at 39 to 40 basis points and 43 to 44 basis points over swaps, respectively, in line with the Feb. 27 Credit Suisse First Boston pricing.
Goldman Sachs has a $1.5 billion offering, co-managed with Banc of America Securities, Bear Stearns, Morgan Stanley and Washington Mutual. The deal is noteworthy for two reasons: there is a record low subordination level of 13.125%, below the prior record of 13.75% on the TOP-9 conduit brought on Jan. 24; and there is some discussion as to how this deal is classified. The conduit-type issue has some characteristics of a fusion deal, namely that there are some large loans in the offering.