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Morning Commentary: High-grade bond spreads widen; Wal-Mart tightens; BofA flat
By Aleesia Forni
Virginia Beach, April 29 – Spreads in the investment-grade bond market widened early Wednesday.
The Markit CDX North American Investment Grade series 23 index was 1 basis point wider at a spread of 61 bps.
Bank and financial paper continued to hold steady early Wednesday.
A source quoted Bank of America Corp.’s 4% notes due 2024 unchanged.
Meanwhile, Wal-Mart Stores Inc.’s 3.3% notes due 2024 were quoted around 6 bps better at mid-morning.
Bank of America flat
Bank of America’s 4% notes due 2024 (Baa2/A-/A) were unchanged at 132 bps offered.
Bank of America sold $2.75 billion of the notes on March 27, 2014 at Treasuries plus 137 bps.
The financial services company is based in Charlotte, N.C.
Wal-Mart’s 3.3% notes due 2024 (Aa2/AA/AA) were quoted 6 bps tighter at 58 bps bid, according to a market source.
The company priced a $500 million add-on to the issue on Oct. 7 at Treasuries plus 73 bps.
Wal-Mart originally sold $1 billion of the notes at Treasuries plus 73 bps on April 15, 2014.
The discount retailer is based in Bentonville, Ark.
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