Midday Commentary: Investment-grade bonds mixed in early trade; Morgan Stanley paper firms

By Cristal Cody

Tupelo, Miss., Jan. 22 - Investment-grade bonds opened mixed in early secondary trading on Wednesday as traders focused on earnings releases and the day's upcoming primary action, market sources said.

Bond spreads widened slightly at the start of the day, a source said.

The Markit CDX North American Investment Grade series 21 index eased about 0.5 basis point to a spread of 66 bps on Tuesday.

Morgan Stanley firms

In the secondary market, Morgan Stanley & Co. Inc.'s newly priced 2.5% notes due 2019 firmed 2 bps to 93 bps offered in early trading, a source said.

Morgan Stanley sold $2 billion of the notes (Baa2/A-/A-) at a spread of Treasuries plus 95 bps on Tuesday.

The financial services company is based in New York City.

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