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Morning Commentary: Viacom notes tighten; HSBC eases; high-grade secondary volume dips
By Cristal Cody
Eureka Springs, Ark., Sept. 30 – New investment-grade bonds priced over the week were mixed in the secondary market, while traders and investors continued to focus on the financial conditions of Deutsche Bank AG and the potential of a German government bailout, sources said early Friday.
Viacom Inc.’s $1.3 billion senior notes (Baa3/BBB-/BBB) sold in two tranches on Thursday tightened about 4 basis points.
HSBC Holdings plc’s 2.65% notes due 2022 that priced on Wednesday traded about 3 bps softer.
The Markit CDX North American Investment Grade index opened about 1 bp tighter at a spread of 77 bps.
The three-month Libor yield was down 1 bp to 84 bps on Friday.
High-grade secondary trading volume dropped to $15.78 billon on Thursday, compared to $18.5 billion on Wednesday, $18.1 billion on Tuesday and $12.79 billion on Monday, according to Trace.
Viacom firms
Viacom’s $400 million tranche of 2.25% notes due Feb. 4, 2022, which priced on Thursday at Treasuries plus 120 bps, firmed to 116 bps offered in secondary trading, according to a market source.
The company’s 3.45% notes due 2026 tightened to 191 bps offered in the secondary market.
Viacom priced $900 million of the notes on Thursday at Treasuries plus 195 bps.
Viacom is a New York City-based diversified media company with interests focused in cinema and cable television.
HSBC eases
HSBC Holdings’ 2.65% notes due 2022 eased about 3 bps to 153 bps offered in the secondary market, a source said.
The company sold $2.5 billion of the notes (A1/A/AA-) on Wednesday at a spread of Treasuries plus 155 bps.
The banking and financial services group is based in London.
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