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High-grade action thins; AT&T softens; Time Warner better; Amazon.com firms; Kroger eases
By Cristal Cody
Tupelo, Miss., Aug. 30 – No reported corporate issuers tapped the investment-grade bond market on Wednesday.
Market action remains light over the last week of August.
The Markit CDX North American Investment Grade index ended about 1 basis point better at a spread of 59 bps.
In the secondary market, AT&T Inc.’s notes were mixed over the session. The company plans to acquire Time Warner Inc. in an $85.4 billion cash and stock deal expected to close before the end of the year.
AT&T’s 4.25% notes due March 1, 2027 (Baa1/BBB+/A-) softened about 4 bps to 173 bps bid on Wednesday, a market source said.
Time Warner’s 2.95% notes due 2026 tightened 5 bps.
Also on Wednesday, Amazon.com, Inc.’s 3.15% notes due Aug. 22, 2027 firmed 3 bps.
The company closed on Monday on its $13.7 billion cash acquisition of Whole Foods Markets Inc.
Moody’s Investors Service on Wednesday raised its ratings on Whole Foods’ 5.2% senior notes due Dec. 3, 2025 to Baa1 from Baa3.
S&P Global Ratings on Tuesday raised its rating on the notes to A+ from BBB-.
Whole Foods’ notes tightened 12 bps in secondary trading on Wednesday.
Kroger Co.’s 3.7% senior notes due Aug. 1, 2027 headed out 4 bps weaker.
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