Morning Commentary: Barclays unchanged, Microsoft notes soften in early secondary trading

By Cristal Cody

Tupelo, Miss., March 11 – High-grade corporate bonds traded flat to softer early Wednesday, while primary activity is expected to remain strong over the day, according to market sources.

More than $32 billion of bonds have priced in the first two sessions of the week.

In the secondary market, Barclays plc’s 3.625% notes due 2025 brought on Monday were unchanged from issuance.

Microsoft Corp.’s 2.7% notes due 2025 eased 4 basis points in trading.

The Markit CDX North American Investment Grade series 23 index closed 1.5 bps wider at a spread of 65 bps on Tuesday.

Barclays stable

Barclays’ 3.625% notes due 2025 traded flat at 150 bps offered, according to a market source.

Barclays sold $3 billion of the senior notes (A3/BBB/A) on Monday at 150 bps over Treasuries.

The financial services company is based in London.

Microsoft eases

Microsoft’s 2.7% notes due 2025 were quoted 4 bps weaker at 62 bps offered, a market source said.

Microsoft sold $2.25 billion of the notes (Aaa/AAA/) on Feb. 9 at a spread of Treasuries plus 75 bps.

The computer software company is based in Redmond, Wash.

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