Morning Commentary: Investment-grade bond spreads largely unchanged; Bank of America bonds tighten

By Aleesia Forni

Virginia Beach, Aug. 27 – Spreads in the high-grade bond secondary market were mostly unchanged early during Wednesday’s session.

The Markit CDX North American Investment Grade series 22 index was unchanged at a spread of 55 basis points.

Similarly, bank and financial paper was flat to slightly tighter at mid-morning.

Bank of America Corp.’s recently priced $3 billion of 4.2% subordinated notes due 2024 was quoted at 168 bps bid early Wednesday.

The notes priced at 180 bps over Treasuries on Thursday.

Bank of America is a financial services company based in Charlotte, N.C.

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