First we had JPM price a 10-year at +350 on 4/16, yesterday BBT does 5's and 10's at 385-395 respectively. Both trade poorly in the secondary. Today NTRS is bringing 5-year notes. I think NTRS is a decent bank play here, but doesn't the poor break on JPM and BBT tell you something?

Thoughts?

NTRS carries the custodian bank label versus a JPM so it can price richer. Also carries a lot less public debt out so gets the cache. We put in at initial talk but once the leads started shaving price talk, we cut our order (not always a good idea). Bonds went out 245 bid/30 tighter.

But the market really want industrial paper and these issues are screaming in (POT ie)

Clearly demand for anything non-financial is insane here. Noteworthy that even the best financials can't get much post issuance mojo going.