Morning Commentary: Banco Santander deal on tap; market action light; Ford Motor Credit flat

By Cristal Cody

Tupelo, Miss., April 4 – At least one bond issuer is on deck to tap the high-grade primary market on Tuesday.

Banco Santander, SA is in the deal pipeline with an offering of second ranking senior debt securities.

Market activity was mostly quiet over the morning, a source said.

Bonds were mixed in early secondary trading.

Ford Motor Credit Co. LLC’s 3.339% senior notes due March 28, 2022 were flat in early secondary trading.

Ford softens

Ford Motor Credit’s 3.339% senior notes due March 28, 2022 were unchanged at 100.60 in the secondary market on Tuesday, a source said.

Ford Motor Credit priced $850 million of the five-year notes (Baa2/BBB/BBB) at par to yield a spread of Treasuries plus 138 basis points on March 28.

Ford Motor Credit is the financing arm of Dearborn, Mich.-based automaker Ford Motor Co.

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