Morning Commentary: Credit Suisse tightens; Citigroup wrapped around issuance in secondary

By Cristal Cody

Tupelo, Miss., June 9 – Bank and financial paper was mixed in early secondary trading while investment-grade credit spreads remained soft, according to market sources early Tuesday.

Credit Suisse Group Funding (Guernsey) Ltd.’s 3.75% senior notes due 2025 firmed 4 basis points.

Citigroup Inc.’s 3.3% senior notes due 2025 eased about 1 bp and traded wrapped around issuance.

The Markit CDX North American Investment Grade series 23 index widened 1 bp to a spread of 68 bps on Monday.

Credit Suisse better

Credit Suisse Group Funding’s 3.75% notes due 2025 firmed 4 bps to 178 bps offered in the secondary market, a source said.

The company sold $2.5 billion of the notes (A2/ BBB+/A) on March 23 at Treasuries plus 187.5 bps.

Credit Suisse Group Funding is a financial services company based in Zurich.

Citigroup eases

Citigroup’s 3.3% senior notes due 2025 eased about 1 bp to 135 bps offered, according to a market source.

Citigroup sold $1.5 billion of the notes (Baa2/A-/A) on April 22 at Treasuries plus 135 bps.

The investment bank is based in New York.

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