Midday Commentary: Investment-grade bond spreads soft; Goldman Sachs paper firms

By Cristal Cody

Tupelo, Miss., Feb. 27 - Investment-grade credit spreads opened mostly softer on Thursday after heading out weaker in Wednesday's session, according to market sources.

The Markit CDX North American Investment Grade series 21 index closed the previous day 1 basis point wider to a spread of 65 bps.

Goldman Sachs Group Inc.'s 4% senior notes due 2024 that priced on Wednesday tightened 4.5 bps in secondary trading, according to a market source.

Goldman firms

Goldman Sachs' 4% notes due 2024 firmed to 133 bps offered, a source said early Thursday.

The 10-year notes (Baa1/A-/A) were sold in a $3 billion offering on Wednesday at a spread of 137.5 bps over Treasuries.

The financial services company is based in New York City.

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