Midday Commentary: High-grade bonds extend weakness; JPMorgan eases after earnings results

By Cristal Cody

Tupelo, Miss., April 11- Investment-grade bond spreads continued to widen early Friday following the disappointing quarterly earnings report from JPMorgan Chase & Co., according to market sources.

The Markit CDX North American Investment Grade series 22 index closed on Thursday 3 basis points wider at a spread of 68 bps.

JPMorgan reported first-quarter earnings fell 18.5% on lower bond trading revenue.

In the secondary market, JPMorgan's 3.875% notes due 2024 were quoted 5 bps wider, according to a market source.

JPMorgan eases

JPMorgan's 3.875% notes due 2024 (A3/A/A+) eased 5 bps to 103 bps offered, a source said.

The notes priced in a $1.5 billion offering on Jan. 21 at a spread of Treasuries plus 112.5 bps.

The financial services company is based in New York City.

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