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Morning Commentary: Tone improves following Greek reform proposal; BofA, Morgan Stanley tighten
By Aleesia Forni
Virginia Beach, July 10 – High-grade credit spreads reversed the week’s trend and were mostly tighter at Friday’s open on news that Greece had submitted a reform proposal in order to avoid financial collapse.
The Markit CDX North American Investment Grade series 23 index firmed 2 basis points to a spread of 70 bps.
In trading, Bank of America’s 4% notes firmed 1 bp, while Morgan Stanley’s 3.875% notes were 4 bps tighter.
Bank of America firms
Bank of America Corp.’s 4% notes due 2024 firmed 1 bp to 203 bps offered, a market source said.
The issue (Baa2/A-/A) priced in a $2.75 billion offering on March 27 at a spread of Treasuries plus 137 bps.
The financial services company is based in Charlotte, N.C.
Morgan Stanley improves
Morgan Stanley & Co.’s 3.875% notes due 2024 firmed 4 bps to 146 bps offered, a market source said.
Morgan Stanley sold $3 billion of the notes (Baa2/A-/A-) at Treasuries plus 130 bps on April 23.
The financial services company is based in New York City.
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