Morning Commentary: Goldman Sachs tightens; Anheuser-Busch active; credit spreads mostly flat

By Cristal Cody

Eureka Springs, Ark., April 22 – Goldman Sachs Group Inc.’s new 2.625% notes due 2021 that priced on Wednesday traded 10 basis points better than issuance in the secondary market early Friday.

Anheuser-Busch InBev Finance Inc.’s 3.65% senior notes due 2026 remain active in secondary trading and were seen 1 bp tighter as the session got underway.

The Markit CDX North American Investment Grade index opened modestly softer to unchanged at a spread of 74 bps.

Bond trading volume fell to $18.9 billion on Thursday compared to $20.09 billion on Wednesday, $19.72 billion on Tuesday and $14.75 billion on Monday, according to Trace.

Goldman Sachs stronger

Goldman Sachs Group’s 2.625% notes due 2021 traded better at 123 bps offered early Friday, a market source said.

The company sold $1.5 billion of the notes (A3/BBB+/A) on Wednesday at a spread of Treasuries plus 133 bps.

The financial services company is based in New York City.

Anheuser-Busch firms

Anheuser-Busch’s 3.65% notes due 2026 traded 1 bp better at 112 bps offered on Friday, a market source said.

The notes (A2/A-) headed out on Thursday 1 bp tighter at 118 bps bid.

The company sold $11 billion of the notes on Jan. 13 at a spread of Treasuries plus 160 bps.

The brewery is based in Leuven, Belgium.

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