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Morning Commentary: New high-grade paper trades tighter; JPMorgan Chase, Coca-Cola firm
By Cristal Cody
Tupelo, Miss., Oct. 26 – New investment-grade corporate bonds traded mostly tighter in the secondary market early Monday ahead of a strong deal pipeline expected over the day.
JPMorgan Chase & Co.’s 2.55% senior notes due 2020 that priced on Thursday tightened more than 10 basis points in secondary trading.
Coca-Cola Co.’s $4 billion offering of senior notes (Aa3/AA/A+) brought to market in three tranches in the previous week traded about 4 bps to 6 bps tighter in the secondary market.
More than $25 billion of investment-grade bonds priced over the previous week.
Investment-grade secondary trading remained strong on Friday with $16.81 billion of issues traded, according to Trace.
The Markit CDX North American Investment Grade 25 index was last seen at a spread of 77 bps.
JPMorgan tightens
In trading Monday morning, JPMorgan’s 2.55% notes due 2020 tightened to 107 bps offered in the secondary market, a source said.
JPMorgan sold $2.5 billion of the notes (A3/A/A+) on Thursday as part of a $3 billion two-tranche offering at a spread of Treasuries plus 123 bps.
The financial services company is based in New York City.
Coca-Cola firms
Coca-Cola’s 1.875% notes due 2020 traded tighter at 51 bps offered, according to a market source.
The company priced $1.5 billion of the five-year notes at a spread of 57 bps plus Treasuries on Thursday.
Coca-Cola’s tranche of 2.875% notes due 2025 firmed to 83 bps offered in the secondary market.
The company sold $1.75 billion of the 10-year notes in Thursday’s offering at 87 bps over Treasuries.
Coca-Cola is an Atlanta-based beverage company.
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