Morning Commentary: JPMorgan, Barclays notes mostly unchanged in secondary trade

By Cristal Cody

Tupelo, Miss., May 26 – High-grade bonds opened mostly unchanged on Tuesday as market participants returned from the long holiday weekend and absorbed the news that Charter Communications, Inc. will acquire Time Warner Cable Inc. in a cash and stock deal valued at $78.7 billion, sources said.

Time Warner Cable’s bonds were mixed in early trading.

JPMorgan Chase & Co.’s 4.95% subordinated bonds due 2045 brought late in the previous week traded mostly unchanged to 1 basis point better.

Barclays plc’s 3.65% senior notes due 2025 were unchanged to 1 bp softer in secondary trading.

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

The Markit CDX North American Investment Grade series 23 index closed unchanged on Monday at a spread of 64 bps.

JPMorgan steady

JPMorgan Chase’s 4.95% subordinated bonds due 2045 were quoted flat to 1 bp tighter at 194 bps offered, a market source said.

The company sold $1.75 billion of the 30-year bonds (Baa1/A-/A) on Thursday at Treasuries plus 200 bps.

The financial services company is based in New York City.

Barclays mostly unchanged

Barclays’ 3.65% notes due 2025 traded mostly unchanged to 1 bp softer at 175 bps offered, according to a market source.

Barclays sold $2 billion of the 10-year notes (A3/ BBB/A) on March 9 at a spread of Treasuries plus 150 bps.

The financial services company is based in London.

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