Morning Commentary: Investment-grade bonds mixed; Lloyds Bank, Shell notes mostly soft

By Cristal Cody

Tupelo, Miss., May 14 – New high-grade bonds were mixed in early trading on Thursday, sources reported.

Shell International Finance BV’s 3.25% senior notes due 2025 traded flat to modestly softer.

Lloyds Bank plc’s 3.5% notes due 2025 eased 1 basis point in secondary trading.

The three-month Libor yield was stable at 28 bps.

The Markit CDX North American Investment Grade series 23 index ended about ½ bp wider on Wednesday at a spread of 66 bps.

Lloyds eases

Lloyds Bank’s 3.5% notes due 2025 eased 1 bp to 124 bps offered, a market source said.

Lloyds sold $1.25 billion of the 10-year notes (A1/A/A) on Monday at a spread of Treasuries plus 127 bps.

The retail bank is based in London.

Shell flat to softer

Shell International Finance’s 3.25% notes due 2025 traded unchanged to 1 bp softer at 91 bps offered, a market source said.

The company sold $2.75 billion of the notes (A1/AA/) on May 6 at Treasuries plus 105 bps.

The company is a subsidiary of the Hague, the Netherlands-based Royal Dutch Shell plc.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.