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Morning Commentary: ACE INA bonds tighten; Apple widens; Citigroup paper softens
By Cristal Cody
Tupelo, Miss., Oct. 28 – ACE INA Holdings Inc.’s senior notes (A3/A/A) priced on Tuesday to fund its acquisition of Chubb Corp. opened the session on Wednesday tighter in secondary trading.
Apple Inc.’s 4.375% bonds due 2045 traded 5 basis points softer at the start of the day even though the company reported strong fourth quarter earnings results following the closing bell on Tuesday.
Citigroup Inc.’s 4.45% subordinated notes due 2027 that were reopened on Friday eased 3 bps in the secondary market.
Secondary trading volume on Tuesday was strong compared to the previous session with $18.18 billion of high-grade issues traded, up from $14.4 billion of bonds traded on Monday, according to Trace.
ACE INA firms
ACE INA’s new 3.35% notes due 2026 tightened to 127 bps offered in early secondary trading, a market source said.
ACE INA sold $1.5 billion of the bonds on Tuesday as part of a total $5.3 billion four-part offering at a spread of Treasuries plus 135 bps.
Ace is a Zurich, Switzerland-based property and casualty insurance and reinsurance provider.
Apple softens
Apple’s 4.375% notes due 2045 traded 5 bps softer early Wednesday at 131 bps offered, according to a market source.
That moved reversed the previous session’s gains. The bonds headed out on Tuesday 6 bps tighter at 136 bps bid.
Apple sold $2 billion of the bonds (Aa1/AA+/) on May 6 at 140 bps over Treasuries.
The computer and mobile communications device company is based in Cupertino, Calif.
Citigroup eases
Citigroup’s 4.45% subordinated notes due 2027 eased 3 bps to 233 bps offered, a market source said.
Citigroup sold $1.5 billion of the notes (Baa3/ BBB+/A-) in a reopening on Friday at 233 bps over Treasuries.
The company originally sold $2 billion of the notes on Sept. 23 at Treasuries plus 235 bps.
The banking and financial services company is based in New York.
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