Morning Commentary: Comcast bonds soften; Anheuser-Busch eases; credit spreads tighten

By Cristal Cody

Tupelo, Miss., Feb. 17 – Bonds opened mostly flat to softer in early secondary trading in the investment-grade corporate market on Wednesday.

Comcast Corp.’s new 3.15% senior notes due 2026 that priced on Tuesday traded 2 basis points weaker than issuance.

Anheuser-Busch InBev Finance Inc.’s 3.65% senior notes due 2026 eased about 3 bps.

The Markit CDX North American Investment Grade index was quoted 2 bps tighter early Wednesday at a spread of 119 bps.

The three-month Libor yield was unchanged over the morning at 62 bps.

Nearly $13 billion of investment-grade bonds were traded on Tuesday following the long holiday weekend, according to Trace.

Comcast eases

Comcast’s 3.15% senior notes due 2026 softened to 142 bps offered in the secondary market, a source said early Wednesday.

Comcast sold $1.5 billion of the notes (A3/A/A-) on Tuesday at a spread of Treasuries plus 140 bps.

The provider of entertainment, information and communication products and services is based in Philadelphia.

Anheuser-Busch widens

Anheuser-Busch’s 3.65% notes due 2026 traded about 3 bps weaker at 158 bps offered, a market source said.

The company sold $11 billion of the notes (A2/A-) on Jan. 13 at 160 bps over Treasuries.

The brewery is based in Leuven, Belgium.

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