Morning Commentary: Credit Suisse improves from issuance; Halliburton firms; CDX index flat

By Cristal Cody

Tupelo, Miss., Dec. 9 – High-grade corporate bonds were mixed in the secondary market early Wednesday, while credit spreads opened mostly unchanged after closing 3 basis points wider in the previous session.

Credit Suisse Group Funding (Guernsey) Ltd.’s 3.125% senior notes due 2020 that priced on Monday were mostly unchanged but remain about 5 bps tighter than issuance.

Halliburton Co.’s 3.8% senior notes due 2025 brought to market in November were active in secondary trading and firmed 2 bps.

The Markit CDX North American Investment Grade 25 index opened mostly unchanged at a spread of 86 bps.

The three-month Libor yield was up 2 bps at 48 bps on Wednesday.

Credit Suisse stable

Credit Suisse Group’s 3.125% notes due 2020 traded mostly flat at 145 bps offered in the secondary market, a source said.

The company sold $2 billion of the notes (Baa2/BBB+/A) on Monday at Treasuries plus 150 bps.

The financial services company is based in Zurich.

Halliburton improves

Halliburton’s 3.8% notes due 2025 firmed 2 bps to 149 bps offered, according to a market source.

The company priced a $2 billion tranche of the bonds (A2/A/A-) on Nov. 5 at Treasuries plus 160 bps.

The diversified energy services company is based in Houston.

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