Morning Commentary: Citigroup modestly tighter in early trade; Morgan Stanley paper softer

By Cristal Cody

Tupelo, Miss., June 19 – High-grade corporate bonds traded mostly better early Friday, while bank and financial paper was mixed in the secondary market, sources said.

Citigroup Inc.’s 4.4% subordinated notes due 2025 traded about 1 basis point tighter.

Morgan Stanley’s 2.8% senior notes due 2020 eased 2 bps.

The three-month Libor yield was unchanged at 29 bps early Friday.

The Markit CDX North American Investment Grade series 23 index closed on Thursday 2 bps tighter at a spread of 68 bps.

Citigroup modestly better

Citigroup’s 4.4% subordinated notes due 2025 traded about 1 bp better at 207 bps offered, according to a market source.

The company sold $2.5 billion of the notes (Baa3/BBB+/A-) on June 3 at Treasuries plus 208 bps.

The financial services company is based in New York City.

Morgan Stanley eases

Morgan Stanley’s 2.8% senior notes due 2020 were quoted 2 bps weaker at 113 bps offered, according to a market source.

Morgan Stanley sold $2.5 billion of the notes (A3/A-/A) on June 11 at a spread of Treasuries plus 110 bps.

The financial services company is based in New York City.

© 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.