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Morning Commentary: Spectra Energy improves; Kroger notes soften; credit spreads tighten at open
By Cristal Cody
Eureka Springs, Ark., Oct. 7 – Investment-grade bonds traded mixed in the secondary market with traders focused on employment data, while credit spreads opened Friday better in front of the long holiday weekend.
The bond markets will be closed on Monday for Columbus Day. The markets are not scheduled to close early on Friday.
Spectra Energy Partners LP’s new 3.375% notes due 2026 that priced on Wednesday firmed about 5 basis points to 6 bps in secondary trading.
Kroger Co.’s senior notes (Baa1/BBB/BBB) that priced in the previous week softened about 2 bps.
The Markit CDX North American Investment Grade index opened the session about 1 bp tighter at a spread of 74 bps.
The three-month Libor yield ticked up 1 bp to 87 bps on Friday.
Secondary trading volume in the investment-grade bond market fell to $17.2 billion on Thursday, compared to $18.67 billion on Wednesday, $18.1 billion on Tuesday and $12.4 billion on Monday, according to Trace.
Spectra Energy firms
Spectra Energy Partners’ 3.375% notes due 2026 (Baa2/BBB/BBB) that priced on Wednesday tightened to about 161 bps offered in the secondary market, a source said.
The company sold $600 million of the 10-year notes at a spread of 167 bps over Treasuries.
The natural gas transmission and production company is based in Houston.
Kroger eases
Kroger’s 2.65% notes due 2026 eased about 2 bps to trade wrapped around issuance in the secondary market, a source said.
The grocer sold $750 million of the notes on Sept. 26 at a spread of Treasuries plus 110 bps.
Kroger is a Cincinnati-based grocery retailer.
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