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Morning Commentary: High-grade spreads flat to wider; Dow Chemical, Verizon lower in early trade
By Cristal Cody
Tupelo, Miss., Sept. 12 – High-grade credit spreads opened unchanged to modestly softer on Friday with activity mostly quiet ahead of the upcoming week’s Federal Reserve policy meeting, sources said.
The Markit CDX North American Investment Grade series 22 index eased 1 basis point to a spread of 59 bps on Thursday.
Dow Chemical Co.’s senior notes (Baa2/BBB/BBB) brought on Tuesday traded flat to weaker in the secondary market, a source said.
Verizon Communications Inc.’s 5.15% notes due 2023 are active but continue to trade lower and are down more than 2 points since the start of the month, a market source said.
Dow Chemical bonds fall
Dow Chemical’s 3.5% notes due 2024 traded wrapped around issuance at 98.73 on Friday, according to a market source.
The company priced $900 million of the notes on Tuesday at 98.73 to yield 3.652%.
Dow Chemical’s 4.25% notes due 2034 fell to 99.53 over the morning, down from 99.50 in Thursday’s session, the source said.
The company sold $600 million of the bonds on Tuesday at 97.636 to yield 4.429%.
In other trading, Dow Chemical’s 4.625% notes due 2044 dropped to 97.14 early Friday, slightly lower than where the notes went out on Thursday at 97.68.
Dow Chemical sold $500 million of the notes on Tuesday at 98.338 to yield 4.729%.
The specialty chemicals company is based in Midland, Mich.
Verizon trades lower
Verizon’s 5.15% notes due 2023 (Baa1/BBB+/A-) were quoted lower early Friday at 111.10 from 111.40 on Thursday, according to a market source said.
The notes have dropped from the 113.00 area since the end of August, the source said.
Verizon sold $11 billion of the notes at 99.676 to yield 5.192% on Sept. 11, 2013.
The telecommunications company is based in New York City.
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