Morning Commentary: Exelon senior notes firm in secondary trading; AT&T bonds weak

By Cristal Cody

Tupelo, Miss., June 10 – Exelon Corp.’s senior notes (Baa2/BBB-/BBB+), which priced at the start of the week, traded about 2 basis points to 5 bps better in the secondary market early Wednesday.

AT&T Inc.’s 3.4% notes due 2025 traded about 15 bps wider than issuance.

The Markit CDX North American Investment Grade series 23 index was unchanged at a spread of 68 bps.

Exelon improves

Exelon’s 3.95% notes due 2025 tightened about 5 bps to 155 bps offered in secondary trading, a market source said.

The company sold $1.25 billion of the notes on Monday at Treasuries plus 160 bps.

Exelon’s 5.1% bonds due 2045, priced in a $1 billion offering on Monday at Treasuries plus 200 bps, firmed to 196 bps offered.

Exelon is a Chicago-based utility services holding company.

AT&T soft

AT&T’s 3.4% notes due 2025 were softer at 165 bps offered, according to a market source.

The notes traded late Tuesday 2 bps weaker at 164 bps bid.

The company sold $5 billion of the notes (/BBB+/A-) on April 23 at a spread of Treasuries plus 150 bps.

The telecommunications company is based in Dallas.

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