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Morning Commentary: HSBC paper unchanged; Celgene notes tight in secondary trade; CDX flat
By Cristal Cody
Tupelo, Miss., Aug. 5 – New high-grade bond issues priced over the week traded flat to tighter while market participants focused on the weaker-than-expected ADP private sector employment report released on Wednesday.
ADP reported private employment for July rose by 185,000 jobs, lower than the forecasted 215,000.
The Labor Department will release its July non-farm payroll report on Friday.
In the investment-grade secondary market, HSBC USA Inc.’s new 2% senior notes due 2018 brought as part of a $2.7 billion three-part offering on Tuesday were unchanged.
Celgene Corp.’s senior notes (Baa2/BBB+) priced in an $8 billion five-tranche deal on Monday tightened in secondary trading.
The Markit CDX North American Investment Grade index was unchanged at a spread of 72 basis points early Wednesday.
HSBC USA unchanged
HSBC USA’s 2% notes due 2018 were quoted wrapped around issuance at 100 bps offered in secondary trading, a source said.
The company sold $850 million of the notes (A2/A) on Tuesday at a spread of Treasuries plus 100 bps.
HSBC USA is a subsidiary of HSBC Holdings, a London-based banking and financial services group.
Celgene tightens
Celgene’s tranche of 2.125% notes due 2018 firmed to 104 bps offered in secondary trading, according to a market source.
Celgene sold $1 billion of the three-year notes on Monday at Treasuries plus 115 bps.
The company’s 3.875% notes due 2025 improved to 182 bps offered in the secondary market.
The notes were sold in a $2.5 billion tranche on Monday at a spread of Treasuries plus 185 bps.
The global biopharmaceutical company is based in Summit, N.J.
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