Morning Commentary: Progressive, NextEra Energy, Crown Castle in pipeline; Libor yield rises

By Cristal Cody

Eureka Springs, Ark., Aug. 22 – Primary action in the investment-grade bond market on Monday is set to include deals from Progressive Corp., NextEra Energy Capital Holdings, Inc. and Crown Castle International Corp.

Bonds were mixed in the secondary market early Monday, a source said.

The Markit CDX North American Investment Grade index opened about ½ of a basis point softer at a spread of 72 bps.

The three-month Libor yield rose 1 bp to 82 bps on Monday.

On Friday, $9 billion of high-grade issues were traded, according to Trace.

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