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Morning Commentary: Investment-grade spreads steady; Tyson firms; Bank of America unchanged
By Cristal Cody
Tupelo, Miss., Sept. 3 – A second day of strong investment-grade issuance is on tap for Wednesday’s session following more than $20 billion of offerings in the previous session, market sources said.
Issuers including Lowe’s Cos. Inc., Ford Motor Credit Co., Morgan Stanley, JPMorgan Chase & Co. and Simon Property Group Inc. are set to bring deals over the day.
High-grade credit spreads opened unchanged to modestly tighter, sources said.
The Markit CDX North American Investment Grade series 22 index ended flat in the previous session at a spread of 57 basis points.
In the secondary market, Tyson Foods Inc.’s 3.95% senior notes due 2024 were quoted more than 20 bps tighter from where the notes priced in August. The company announced on Thursday that it completed its acquisition of Hillshire Brands Co.
Bank of America Corp.’s 4% notes due 2024 were unchanged in early secondary trading, according to a market source.
Tyson improves
Tyson Foods’ 3.95% notes due 2024 (Baa3/BBB/BBB) traded early Wednesday at 128 bps offered, flat to 1 bp tighter from Tuesday’s session, a market source said.
The company sold $1.25 billion of the 10-year notes at a spread of Treasuries plus 150 bps on Aug. 5.
The beef, pork and poultry company is based in Springdale, Ark.
Bank of America flat
Bank of America’s 4% notes due 2024 (Baa2/A-/A) traded flat at 125 bps offered, according to a market source early Wednesday.
Bank of America sold $2.75 billion of the notes on March 27 at a spread of Treasuries plus 137 bps.
The financial services company is based in Charlotte, N.C.
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