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Midday Commentary: Investment-grade credit spreads widen in early trading activity
By Cristal Cody
Tupelo, Miss., Sept. 24 - The investment-grade bond market opened weaker on Tuesday ahead of new deals expected to price and several economic data reports that could impact market direction, according to informed sources.
"Credit spreads have been inching wider in sympathy with the move lower in equity markets the past few days," RBC Capital Markets, LLC analysts said in a note on Tuesday. "With what is shaping up to be a robust new issue calendar this week following what has been an active month, investors are growing somewhat nervous about just how much supply the corporate bond market can handle."
The Markit CDX North American Investment Grade series 21 index eased about 1 basis point on Monday before closing flat at a spread of 80 bps.
Economic data on deck includes the consumer confidence and home price indexes.
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