Midday Commentary: High-grade market quiet at start of new year; AT&T's long bonds active

By Cristal Cody

Tupelo, Miss., Jan. 2 - Corporate activity in the investment-grade bond market woke to a sleepy start in the first trading day of 2014, according to market sources.

Market participants focused early Thursday on new economic data, sources said. The Labor Department reported that initial weekly unemployment claims fell 2,000 to 339,000 in the previous week.

In the investment-grade secondary market, AT&T Inc.'s long bonds are among the most active issues of the new year, market sources said.

AT&T's 4.3% bonds due 2045 traded early in the day at 85.10, or a spread of 141 bps bid, according to market sources.

AT&T sold $3.04 billion of the bonds in 2012 at par.

The telecommunications company is based in Dallas.

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