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Morning Commentary: High-grade bond activity quiet; Time Warner Cable firms; Verizon mixed
By Cristal Cody
Tupelo, Miss., Oct. 29 – High-grade bond activity stayed mostly quiet early Wednesday as market participants await the Federal Reserve’s monetary policy announcement expected later in the session, sources said.
High-grade credit spreads were unchanged. The Markit CDX North American Investment Grade series 23 index ended flat at a spread of 65 basis points on Tuesday.
“Many have attributed the recent firming up in credit spreads to comments from some Fed officials that suggest additional asset purchases could be possible,” RBC Capital Markets, LLC analysts said in a note. “While few are expecting the announcement of a QE4 program at today’s meeting (most expect the end of QE3), a commitment to additional asset purchases should economic conditions weaken would likely be a comment that is welcomed by credit investors.”
Time Warner Cable Inc.’s long bonds were active in the secondary market and traded about 2 bps tighter, a source said.
Verizon Communications Inc.’s bonds were mixed in secondary trading, according to a market source.
Time Warner Cable firms
Time Warner Cable’s 4.5% senior debentures due 2042 (Baa2/BBB/BBB) tightened about 2 bps to 148 bps offered, a market source said.
Time Warner Cable sold $1.25 billion of the debentures at a spread of Treasuries plus 183 bps on Aug. 7, 2012.
The broadband communications company is based in New York City.
Verizon eases
Verizon’s 5.15% notes due 2023 (Baa1/BBB+/A-) eased 1 bp to 135 bps offered, according to a market source.
Verizon sold $11 billion of the notes on Sept. 11, 2013 at a spread of Treasuries plus 225 bps.
The telecommunications company is based in New York City.
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