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Morning Commentary: Investment-grade bond spreads stable; Home Depot firms; Citi improves
By Cristal Cody
Tupelo, Miss., June 10 – Investment-grade primary action is expected to stay strong on Tuesday, while spreads remained flat during the morning session, according to market sources.
Companies including Sempra Energy, Johnson Controls, Inc., Mid-America Apartment Communities Inc. and Activis Funding SCS intend to issue bonds Tuesday.
The Markit CDX North American Investment Grade series 22 index ended unchanged on Monday at a spread of 57 basis points.
In early trading on Tuesday, Home Depot, Inc.’s senior notes (A2/A/) tightened 1 bp to 2 bps in the secondary market, according to a market source.
Citigroup Inc.’s 3.75% notes due 2024 traded about 1 bp better, a source said.
Home Depot firms
Home Depot’s 2% notes due 2019 firmed 1 bp in secondary trading to 39 bps bid, according to a market source early Tuesday.
The notes headed out weaker on Monday at 41 bps bid, 36 bps offered.
Home Depot sold $1 billion of the five-year notes on Monday at a spread of Treasuries plus 40 bps.
The company’s tranche of 4.4% notes due 2045 tightened to 101 bps bid in early trading, a source said.
The long bonds traded late Monday at 102 bps bid, 100 bps offered in aftermarket trading.
Home Depot sold $1 billion of the 4.4% notes due 2045 at Treasuries plus 105 bps.
The home improvement retailer is based in Atlanta.
Citi tightens
Citigroup’s 3.75% notes due 2024 (Baa2/A-/A) traded slightly better at 114 bps bid early Tuesday, according to a market source.
The notes were quoted Monday afternoon at 115 bps bid, 113 bps offered in aftermarket trading.
Citigroup sold $1.25 billion of the 10-year notes on Monday with a spread of Treasuries plus 115 bps.
The bank is based in New York.
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