Midday Commentary: Investment-grade bond spreads open unchanged to tighter; Citi flat

By Cristal Cody

Tupelo, Miss., Oct. 24 - Investment-grade bonds traded flat to slightly tighter early Thursday with market participants focused on expected new issuance later in the day and company earnings for the rest of the week, according to market sources.

In the secondary market, Citigroup Inc.'s 3.875% senior notes due 2023 were mostly unchanged from Wednesday but remain wider than where the notes came on Monday, a trader said.

Citigroup flat

Citigroup's 3.875% senior notes due 2023 (Baa2/A-/A) traded at 136 bps bid, 133 bps offered on Thursday morning, a trader said.

The 10-year notes traded at 137 bps bid, 136 bps offered early Wednesday and 135 bps bid near the market close.

Citigroup sold $2 billion of the notes at a spread of Treasuries plus 130 bps on Monday.

The financial services company is based in New York.

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