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Morning Commentary: High-grade bonds soften; JPMorgan, Wells Fargo, Verizon widen
By Cristal Cody
Tupelo, Miss., Jan. 16 – High-grade credit spreads and bonds remained weak as the session geared up over the morning, market sources said on Friday.
JPMorgan Chase & Co.’s 3.625% senior notes due 2024 have widened another 8 basis points since late Thursday afternoon following the company’s $6.15 billion two-tranche issuance of five- and 10-year paper, a source said early Friday.
Wells Fargo & Co.’s 3.3% senior notes due 2024 traded 7 bps weaker in the secondary market.
In other trading, Verizon Communications Inc.’s 6.55% bonds due 2043 have eased 5 bps since Wednesday, according to a market source.
The Markit CDX North American Investment Grade series 23 index closed 2 bps wider at a spread of 73 bps on Thursday.
JPMorgan paper widens
JPMorgan’s existing 3.625% senior notes due 2024 were quoted at 142 bps offered early Friday, wider than where the paper traded at 134 bps offered in Thursday’s session, according to a market source.
JPMorgan sold $2 billion of the notes (A3/A/A+) on May 6, 2014 at Treasuries plus 110 bps.
The financial services company is based in New York City.
Wells Fargo notes weaken
Wells Fargo’s 3.3% notes due 2024 (A2/A+/AA-) widened 7 bps to 117 bps offered, according to a market source.
Wells Fargo sold $2.25 billion of the notes on Sept. 2 at a spread of Treasuries plus 92 bps.
The bank is based in San Francisco.
Verizon bonds ease
Verizon’s 6.55% bonds due 2043 (Baa1/BBB+/A-) traded weaker at 218 bps offered early Friday, 5 bps wider than where the notes were quoted on Wednesday, a source said.
Verizon sold $15 billion of the bonds at Treasuries plus 265 bps on Sept. 11, 2013.
The telecommunications company is based in New York City.
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