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Morning Commentary: Primary action set; Westpac Banking, Amgen firm; Libor yield rises
By Cristal Cody
Eureka Springs, Ark., Aug. 24 – High-grade bond issuers including Bank of Montreal and Synchrony Financial are in Wednesday’s deal pipeline, while bonds traded mostly better in the secondary market over the morning.
Westpac Banking Corp.’s 2% notes due 2021 improved 4 basis points.
Amgen Inc.’s 2.6% senior notes due 2026 traded about 1 bp tighter.
The three-month Libor yield was up 1 bp to 83 bps early Wednesday.
The Markit CDX North American Investment Grade index opened the session unchanged at a spread of 71 bps.
Investment-grade secondary trading volume rose to $14.6 billion on Tuesday from $10.32 billion on Monday, according to Trace.
Westpac tightens
Westpac Banking’s 2% notes due 2021 traded early Wednesday 4 bps tighter at 76 bps offered, a market source said.
Westpac Banking sold $1.5 billion of the notes (Aa2/AA-/AA-) on Aug. 11 at a spread of 87.5 bps over Treasuries.
The Australian bank and financial services provider is based in Sydney.
Amgen firms
Amgen’s 2.6% senior notes due 2026 improved about 1 bp to 107 bps offered in the secondary market, a source said.
The company sold $1.25 billion of the notes (Baa1/A) on Aug. 10 at 110 bps over Treasuries.
Amgen is a Thousand Oaks, Calif., manufacturer and marketer of human therapeutics based upon advances in cellular and molecular biology.
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