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Morning Commentary: Investment-grade spreads stable; Bank of America, JPMorgan paper firms
By Cristal Cody
Tupelo, Miss., Nov. 7 – High-grade paper traded mostly better early Friday following more than $40 billion of issuance over the week, according to market sources.
In the secondary market, Bank of America Corp.’s 4.25% subordinated notes due 2026 were seen flat to 1 basis point tighter from Thursday’s session, a market source said.
JPMorgan Chase & Co.’s 2.2% senior notes due 2019 brought in October traded 2 bps better, according to a market source.
The Markit CDX North American Investment Grade series 23 index ended unchanged on Thursday at a spread of 65 bps.
Bank of America improves
Bank of America’s 4.25% notes due 2026 (Baa3/BBB+/BBB+) traded flat to 1 bp better at 198 bps offered, according to a market source.
Bank of America sold $2 billion of the notes on Oct. 17 at Treasuries plus 210 bps.
The financial services company is based in Charlotte, N.C.
JPMorgan Chase firms
JPMorgan’s 2.2% notes due 2019 firmed 2 bps to 82 bps offered, a market source said early Friday.
JPMorgan Chase & Co. sold $2 billion of the notes (A3/A/A+) at Treasuries plus 100 bps on Oct. 15.
The financial services company is based in New York City.
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