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Morning Commentary: Bank of Montreal, Deutsche Bank, General Motors Financial paper improves
By Cristal Cody
Tupelo, Miss., April 9 – New investment-grade bank and financial paper traded mostly better early Thursday, according to market sources.
Bank of Montreal’s 1.4% medium-term notes due 2018 that priced on Tuesday traded 3 basis points tighter than issuance.
Deutsche Bank AG’s 4.5% subordinated tier 2 notes due 2025 firmed about 1 bp.
General Motors Financial Co., Inc.’s 2.4% senior notes due 2018 brought on Tuesday traded about 1 bp better as the session got underway.
The three-month Libor yield was stable at 27 bps.
The Markit CDX North American Investment Grade series 23 index was unchanged at a spread of 60 bps.
BMO firms
Bank of Montreal’s 1.4% notes due 2018 were quoted early Thursday in the secondary market at 57 bps offered, a source said.
Bank of Montreal priced $1 billion of the notes (Aa3/A+/AA-) on Tuesday at 60 bps over Treasuries.
The financial services company is based in Toronto and Montreal.
Deutsche better
Deutsche Bank’s 4.5% subordinated tier 2 notes due 2025 traded about 1 bp tighter at 255 bps offered, a market source said.
Deutsche Bank sold $1.5 billion of the notes (Ba1/BBB-/A-) on March 27 at 260 bps over Treasuries.
The bank is based in Frankfurt.
GM Financial improves
General Motors Financial’s 2.4% notes due 2018 firmed about 1 bp to 149 bps bid, a market source said.
The notes were quoted late Wednesday at 150 bps bid, 146 bps offered.
General Motors Financial sold $850 million of the notes (Ba1/BBB-/BB+) on Tuesday at a spread of Treasuries plus 160 bps.
The finance subsidiary of General Motors Co. is based in Fort Worth, Texas.
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