Morning Commentary: Credit Suisse, Verizon bonds soft in early secondary trading

By Cristal Cody

Tupelo, Miss., April 14 – High-grade bonds traded mostly flat to softer early Tuesday, market sources said.

Credit Suisse Group Funding (Guernsey) Ltd.’s 3.75% senior notes due 2025 eased 4 basis points in secondary trading.

Verizon Communications Inc.’s 6.55% bonds due 2043 traded 4 bps wider.

The three-month Libor yield was unchanged at 28 bps.

The Markit CDX North American Investment Grade series 23 index was 1 bp wider at a spread of 62 bps.

Credit Suisse eases

Credit Suisse Group Funding’s 3.75% notes due 2025 traded 4 bps weaker over the morning to 168 bps offered, according to a market source.

The company sold $2.5 billion of the notes (A2/ BBB+/A) on March 23 at Treasuries plus 187.5 bps.

Credit Suisse Group Funding is a financial services company based in Zurich.

Verizon soft

Verizon’s 6.55% bonds due 2043 were quoted early Tuesday 4 bps wider at 203 bps offered, a market source said.

Verizon sold $15 billion of the bonds (Baa1/BBB+/A-) at Treasuries plus 265 bps on Sept. 11, 2013.

The telecommunications company is based in New York City.

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