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Midday Commentary: Investment-grade bond spreads steady; AT&T, Verizon mostly flat
By Cristal Cody
Tupelo, Miss., June 5 – Primary activity was expected to slow on Thursday in response to the European Central Bank’s morning policy meeting and press conference and Friday’s release of the Labor Department’s May jobs report, according to market sources.
Nearly $30 billion of investment-grade bonds has already priced in the first three days of the week.
High-grade bond spreads have remained flat over the week, sources said. The Markit CDX North American Investment Grade series 22 index closed unchanged on Wednesday at a spread of 62 basis points.
Bonds in the telecommunications sector traded unchanged to slightly wider Thursday morning following Verizon Communications Inc.’s $3.3 billion two-part offering on Wednesday, according to a market source.
Verizon’s older bonds were active in the secondary market and traded 1 basis point weaker, a source said.
AT&T Inc.’s 4.8% notes due 2044 eased 1 bp in early trading, according to a market source.
Verizon eases
Verizon’s 6.55% bonds due 2043 were seen about 1 bp wider at 153 bps offered, a source said.
The notes rose to 124.84 in midday trading from 124.43 in the previous session, according to a market source.
Verizon sold $15 billion of the bonds (Baa1/BBB+/A-) at a spread of Treasuries plus 265 bps, or 99.883 to yield 6.559%, on Sept. 11.
The telecommunications company is based in New York City.
AT&T softer
AT&T’s 4.8% notes due 2044 (A3/A-/A) eased 1 bp to 137 bps offered, a source said.
The notes fell to 100.39 in early trading from 100.57 on Wednesday, according to a market source.
AT&T sold $2 billion of the 30-year notes at Treasuries plus 140 bps, or 99.636 to yield 4.823%, on Tuesday.
The telecommunications company is based in Dallas.
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