| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers Review > Headlines for 2014 > News item |
Morning Commentary: Investment-grade spreads stable; Credit Suisse mixed; Wells Fargo eases
By Cristal Cody
Tupelo, Miss., Sept. 5 – High-grade credit spreads remain stable following more than $50 billion of bond issuance over the week, sources said early Friday.
The Markit CDX North American Investment Grade series 22 index ended unchanged on Thursday at a spread of 57 basis points.
Traders focused early Friday on the Labor Department’s August jobs report. The Labor Department reported that nonfarm payroll employment increased by 142,000 in the previous month, well below the 214,000 forecast. The government said the unemployment rate dropped to 6.1% from 6.2% in July.
In the high-grade secondary market, bank and financial paper was quoted 1 bp tighter to 2 bps softer.
Credit Suisse AG’s paper (A1/A/) traded flat to 1 bp weaker following the company’s $3 billion deal on Thursday, a market source said.
Wells Fargo & Co.’s 3.3% senior notes due 2024 that priced earlier in the week traded 2 bps softer, according to a market source.
Credit Suisse mostly flat
Credit Suisse’s 3.625% notes due 2024 traded unchanged early Friday at 117 bps offered, a market source said.
Credit Suisse, acting through its New York branch, priced $3 billion of the 10-year notes on Thursday at Treasuries plus 125 bps.
The company’s existing 2.3% notes due 2019 eased 1 bp to 62 bps offered, the source said.
Credit Suisse sold $2 billion of the five-year notes on May 23 at Treasuries plus 80 bps.
The financial services company is based in Zurich.
Wells Fargo softer
Wells Fargo’s 3.3% notes due 2024 (A2/A+/AA-) eased 2 bps to 95 bps offered, a market source said.
The issue priced in a $2.25 billion offering on Tuesday at a spread of Treasuries plus 92 bps.
The bank is based in San Francisco.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.