Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers Review > Headlines for 2015 > News item |
Morning Commentary: Market tone strengthens; bank, financial paper unchanged to wider
By Aleesia Forni
Virginia Beach, May 1 – The tone of the high-grade bond market was stronger on Friday to open the new month.
The Markit CDX North American Investment Grade series 23 index was 1 basis point tighter at a spread of 62 bps.
Meanwhile, bank and financial paper was trading flat to wider.
Bonds from Bank of America Corp. traded mixed, while Morgan Stanley’s 2.65% notes due 2020 traded flat.
JPMorgan Chase & Co.’s 3.125% 10-year bonds eased 7 bps.
Bank of America mixed
Bank of America’s 4% notes due 2024 (Baa2/A-/A) were unchanged at 133 bps offered. Bank of America sold $2.75 billion of the notes on March 27, 2014 at Treasuries plus 137 bps.
In other trading, the bank’s 4% notes due 2025 widened 1 bp to 209 bps bid.
The Charlotte, N.C.-based financial services company sold $2.5 billion of the notes (Baa2/A-/A) on Jan. 16 at Treasuries plus 225 bps.
Morgan Stanley steady
Morgan Stanley’s 2.65% notes due 2020 were flat at 101 bps bid in the secondary market, a source said.
Morgan Stanley sold $2.5 billion of the notes on Jan. 22 at Treasuries plus 130 bps.
The financial services company is based in New York City.
JPMorgan eases
Meanwhile, JPMorgan Chase’s 3.125% notes due 2025 were 7 bps wider at 127 bps bid.
The New York City-based financial services company sold $2.5 billion of the notes (A3/A/A+) on Jan. 16 at Treasuries plus 145 bps.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.