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Morning Commentary: Comcast, MUFG, Philip Morris to price; Boeing, Goldman Sachs soften
By Cristal Cody
Tupelo, Miss., Feb. 15 – High-grade bond supply is set to strengthen over Wednesday’s session.
Issuers including Comcast Corp., Mitsubishi UFJ Financial Group, Inc. (MUFG), Philip Morris International Inc., Snap-on Inc. and Consumers Energy Co. are preparing to price new notes.
Secondary trading volume was heavy on Tuesday with $23.7 billion of investment-grade bonds traded, compared to $16.6 billion on Monday, according to Trace.
In the secondary market early Wednesday, Boeing Co.’s $900 million three-part issue of senior notes (A2/A/A) that priced on Tuesday softened from issuance.
Goldman Sachs Group Inc.’s notes (A3/A) that were reopened on Monday traded weaker as the session opened.
Boeing weakens
Boeing’s 2.125% notes due 2022 edged lower to 98.70 as the session got underway, according to a market source.
Boeing sold $300 million of the five-year notes on Tuesday at 98.79 to yield 2.381%, or Treasuries plus 42 basis points.
Boeing’s 2.8% notes due March 1, 2027 softened to 97.35 in early secondary trading.
The company priced $300 million of the 10-year notes on Tuesday at 97.698 to yield 3.068%, or Treasuries plus 60 bps.
Boeing’s 3.65% notes due March 1, 2047 weakened to 94.94 over the morning.
Boeing sold $300 million of the 30-year notes on Tuesday at 95.392 to yield 3.912%, or Treasuries plus 85 bps.
Boeing is a Chicago-based aerospace company.
Goldman softens
Goldman Sachs’ 3.85% notes due Jan. 26, 2027 opened weaker at 99.83 from where the paper last traded in the previous session at 100.21.
The company sold $1.25 billion of the 10-year notes in a reopening on Monday at 100.146 to yield 3.832% and a spread of Treasuries plus 140 bps.
Goldman Sachs originally sold $1.75 billion of the 10-year notes on Jan. 23 at 99.72 to yield 3.884%, or Treasuries plus 148 bps.
The banking, securities and investment management company is based in New York.
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