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Morning Commentary: High-grade bond spreads firm; Goldman improves; Bank of America flat
By Cristal Cody
Tupelo, Miss., Aug. 11 – Investment-grade bond spreads continued to tighten about 1 basis point early Monday after spreads firmed in Friday’s session, according to a market source.
The Markit CDX North American Investment Grade series 22 index ended 2 bps tighter at a spread of 65 bps on Friday.
In early trading, Goldman Sachs Group Inc.’s 3.85% notes due 2024 improved about 1 bp but are flat from where the issue priced in June, a market source said.
Bank of America Corp.’s 4% notes due 2024 traded mostly unchanged, according to a market source.
Goldman firms
Goldman Sachs’ 3.85% notes due 2024 (Baa1/A-/A) tightened about 1 bp to 135 bps offered, according to a market source.
Goldman Sachs sold $2.25 billion of the notes on June 30 at Treasuries plus 135 bps.
The financial services company is based in New York City.
Bank of America unchanged
Bank of America’s 4% notes due 2024 (Baa2/A-/A) traded flat to 1 bp wider at 130 bps offered, a market source said.
The Charlotte, N.C.-based financial services company sold $2.75 billion of the notes on March 27 at a spread of Treasuries plus 137 bps.
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