Morning Commentary: Bank, financial paper mixed; JPMorgan improves; Morgan Stanley soft

By Cristal Cody

Tupelo, Miss., April 15 – Bank and financial paper was mixed in early secondary trading, market sources said on Wednesday.

JPMorgan Chase & Co.’s 3.625% senior notes due 2024 traded 3 basis points better early in the day.

Morgan Stanley’s 4.3% bonds due 2045 were quoted 2 bps softer.

The three-month Libor yield was flat at 28 bps.

The Markit CDX North American Investment Grade series 23 index ended 1 bp wider on Tuesday at a spread of 62 bps.

JPMorgan improves

JPMorgan’s 3.625% senior notes due 2024 (A3/A/A+) firmed 3 bps in early trading to 117 bps bid, according to a market source.

JPMorgan sold $2 billion of the notes on May 6, 2014 at a spread of Treasuries plus 110 bps.

The financial services company is based in New York City.

Morgan Stanley softer

Morgan Stanley’s 4.3% bonds due 2045 eased 2 bps to 152 bps offered, a market source said.

Morgan Stanley sold $2.5 billion of the notes (Baa2/A-/A) on Jan. 22 at a spread of Treasuries plus 190 bps.

The financial services company is based in New York City.

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