Morning Commentary: Investment-grade bonds mixed; Goldman paper unchanged; AT&T eases

By Cristal Cody

Tupelo, Miss., June 2 – High-grade bonds were mixed in early trading on Tuesday, market sources report.

Goldman Sachs Group Inc.’s new 3.75% senior notes due 2025 were flat.

AT&T Inc.’s 3.4% notes due 2025 eased 2 basis points in the secondary market.

The Markit CDX North American Investment Grade series 23 index was unchanged at a spread of 63.7 bps. The CDX index has a 12-month low of 59.4 and a 12-month high of 76.4, according to a Barclays Bank plc report on Tuesday.

Goldman flat

Goldman Sachs’ 3.75% senior notes due 2025 were unchanged at 153 bps offered, a market source said.

The company sold $2.25 billion of the 10-year notes (Baa1/A-/A) on May 19 at Treasuries plus 150 bps.

The financial services company is based in New York City.

AT&T notes soft

AT&T’s 3.4% notes due 2025 traded 2 bps wider early Tuesday at 164 bps offered, a market source said.

The company sold $5 billion of the notes (/BBB+/A-) on April 23 at a spread of Treasuries plus 150 bps.

The telecommunications company is based in Dallas.

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