| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers S > Headlines for Societe Generale > News item |
Morning Commentary: Market tone improves; Assured Guaranty tightens; Morgan Stanley firms
By Cristal Cody
Tupelo, Miss., June 19 – Primary action in the investment-grade bond market is set to pick up on Thursday following light issuance in Wednesday’s session and an improvement in market tone, according to market sources.
Hess Corp., the Williams Cos. Inc. and Societe General SA are expected in Thursday’s deal pipeline.
Investment-grade bonds remained mostly firm over the morning after spreads tightened in the previous session, a source said.
The Markit CDX North American Investment Grade series 22 index closed on Wednesday 3 basis points tighter at a spread of 57 bps.
Assured Guaranty US Holdings Inc.’s 5% senior notes due 2024 traded nearly 30 bps better than where the notes priced on Tuesday, according to a source early Thursday.
In other trading, Morgan Stanley’s 3.875% notes due 2024 have tightened about 6 bps from Friday, a source said.
Assured Guaranty firms
Assured Guaranty’s 5% notes due 2024 (Baa2/A/) traded early Thursday at 208 bps offered, according to a market source.
The company sold $500 million of the notes on Tuesday at Treasuries plus 237.5 bps.
The Hamilton, Bermuda-based company is the U.S. holding company for Assured Guaranty Ltd., which insures and reinsures municipal bonds, international infrastructure transactions and structured financings.
Morgan Stanley better
Morgan Stanley’s 3.875% notes due 2024 (Baa2/A-/A-) were quoted at 111 bps offered, about 6 bps tighter from Friday, according to a market source.
Morgan Stanley sold $3 billion of the notes at a spread of Treasuries plus 130 bps on April 23.
The financial services company is based in New York City.
© 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.