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Morning Commentary: High-grade bonds trade flat to better; Morgan Stanley, JPMorgan stable
By Cristal Cody
Tupelo, Miss., Jan. 26 – Corporate bonds in the investment-grade secondary market opened mostly unchanged to modestly tighter, sources said early Monday.
Traders are focused on the upcoming two-day Federal Reserve policy meeting that starts on Tuesday, though no major announcements are expected.
In the secondary market, Morgan Stanley’s 4.35% senior notes due 2045 that priced in the previous week traded mostly unchanged.
JPMorgan Chase & Co.’s new 3.125% notes due 2025 firmed 1 basis point.
Morgan Stanley steady
Morgan Stanley’s 4.3% notes due 2045 were quoted unchanged to 1 bp better at 174 bps bid, a market source said.
Morgan Stanley sold $2.5 billion of the notes (Baa2/A-/A) at Treasuries plus 190 bps on Thursday.
The financial services company is based in New York City.
JPMorgan stable
JPMorgan Chase’s 3.125% notes due 2025 firmed 1 bp to 137 bps offered, according to a market source.
JPMorgan Chase sold $2.5 billion of the notes (A3/A/A+) on Jan. 15 at a spread of Treasuries plus 145 bps.
The financial services company is based in New York City.
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