Midday Commentary: Investment-grade bonds open session mostly weaker; Goldman firms

By Cristal Cody

Tupelo, Miss., Feb. 4 - Investment-grade bonds traded mostly weaker early Tuesday as emerging markets concerns continue to pressure credit spreads, sources said.

In the secondary market, Goldman Sachs Group Inc.'s 2.625% notes due 2019 were among the exception and tightened in morning trading, a source said.

The Markit CDX North American Investment Grade series 21 index eased 2 basis points to a spread of 74 bps on Monday.

Goldman firms

Goldman Sachs' 2.625% notes due 2019 tightened about 6 bps to 106 bps offered, a source said on Tuesday.

Goldman Sachs sold $2.5 billion of the five-year notes at a spread of 112.5 bps over Treasuries on Jan. 28.

The financial services company is based in New York City.

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