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Morning Commentary: High-grade bond spreads unchanged; bank paper firms; Home Depot tightens
By Cristal Cody
Tupelo, Miss., June 11 – Spreads remained mostly unchanged following about $10 billion of investment-grade bond issuance on Tuesday and an active primary session expected for Wednesday, according to market sources.
The Markit CDX North American Investment Grade series 22 index closed the previous day flat at a spread of 57 basis points.
Bank and financial paper was stronger in early secondary trading, according to sources.
Citigroup Inc.’s new 3.75% notes due 2024 tightened 2 bps, while Bank of America Corp.’s 2.65% notes due 2019 traded about 1 bp better.
Other new paper brought over the week traded mostly flat to tighter, according to a market source.
Home Depot, Inc.’s 4.4% notes due 2045 that priced on Monday firmed about 4 bps in the secondary market, a source said.
Citi firms
Citigroup’s 3.75% notes due 2024 (Baa2/A-/A) tightened 2 bps from the previous session to 112 bps bid, according to a market source early Wednesday.
Citigroup sold $1.25 billion of the 10-year notes on Monday at a spread of Treasuries plus 115 bps.
The bank is based in New York.
Bank of America better
Bank of America’s 2.65% notes due 2019 (Baa2/A-/A) firmed about 1 bp to 70 bps offered, a source said.
Bank of America sold $2.5 billion of the notes on March 27 at Treasuries plus 97 bps.
The financial services company is based in Charlotte, N.C.
Home Depot firms
Home Depot’s 4.4% notes due 2045 (A2/A/) tightened about 4 bps to 97 bps bid, according to a source.
Home Depot sold $1 billion of the long bonds at Treasuries plus 105 bps on Monday.
The home improvement retailer is based in Atlanta.
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