Morning Commentary: TD Bank stable; RBS eases; Newell Rubbermaid unchanged; CDX softens

By Cristal Cody

Eureka Springs, Ark., April 4 – Investment-grade bonds opened Monday mixed, while credit spreads softened ahead of an expected busy primary market from issuers including Thermo Fisher Scientific Inc., Target Corp. and Exelon Corp.

Toronto-Dominion Bank’s 2.125% senior medium-term notes due 2021 traded unchanged but about 4 basis points better than where the paper came on Thursday.

Royal Bank of Scotland Group plc’s new 4.8% senior notes due 2026 eased 2 bps.

Newell Rubbermaid Inc.’s 4.2% senior notes due 2026 were unchanged from Friday.

The Markit CDX North American Investment Grade index softened 1 bp at the start of the day to a spread of 76 bps.

Toronto-Dominion Bank steady

Toronto-Dominion Bank’s 2.125% notes due 2021 traded mostly unchanged at 93 bps offered, a market source said.

The bank sold $1.75 billion of the notes (Aa1/AA-/AA-) at a spread of Treasuries plus 97 bps on Thursday.

The financial services and banking company is based in Toronto.

Royal Bank of Scotland eases

Royal Bank of Scotland Group’s 4.8% notes due 2026 softened 2 bps in secondary trading to 298 bps offered, according to a market source.

Royal Bank of Scotland sold $1.5 billion of the notes (Ba1/BBB-/BBB+) on Wednesday at Treasuries plus 300 bps.

The financial services company is based in Edinburgh, Scotland.

Newell Rubbermaid flat

Newell Rubbermaid’s 4.2% notes due 2026 traded unchanged at the start of the day at 184 bps offered, a market source said.

The company sold $2 billion of the notes (Baa3/BBB-/BBB-) on March 18 at 235 bps over Treasuries.

Newell Rubbermaid is a consumer and commercial products maker based in Atlanta.

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