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Morning Commentary: Investment-grade bonds mixed in early trading; HSBC paper modestly softer
By Cristal Cody
Tupelo, Miss., Sept. 8 – High-grade bonds were mixed in early trading on Tuesday ahead of a busy deal pipeline expected over the session following the long holiday weekend.
HSBC Holdings plc’s 4.25% subordinated notes due 2025 were seen about 1 basis point softer but better than where the paper traded on Friday.
The Markit CDX North American Investment Grade index closed on Friday at a spread of 83 bps. The index has ranged from a low spread of 60.4 bps to a high spread of 87.9 bps over the past 12 months, according to a Barclays Bank plc report on Tuesday.
HSBC eases
HSBC’s 4.25% notes due 2025 traded about 1 bp softer at 214 bps offered in the secondary market, a source said.
The notes traded on Friday 3 bps wider at 218 bps bid.
HSBC sold $1.5 billion of the notes (A2/A+) on Aug. 10 at a spread of Treasuries plus 212 bps.
HSBC Holdings is a London-based banking and financial services company.
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