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Morning Commentary: Mood in investment-grade bond market improves; Citi paper tightens; Apple firms
By Cristal Cody
Tupelo, Miss., Oct. 17 – Investment-grade bonds opened mostly better on Friday ahead of expected primary action, market sources said.
The Markit CDX North American Investment Grade series 23 index closed flat on Thursday at a spread of 74 basis points.
Citigroup Inc.’s 3.75% notes due 2024 firmed about 6 bps, though the notes continue to trade more than 15 bps wider from where the issue priced in June, a source said.
In other secondary trading, Apple Inc.’s 3.45% notes due 2024 tightened 4 bps, according to a market source.
Citi tightens
Citigroup’s 3.75% notes due 2024 tightened about 6 bps to 134 bps offered, according to a market source.
Citigroup sold $1.25 billion of the notes (Baa2/A-/A) on June 9 at a spread of Treasuries plus 115 bps.
The bank is based in New York City.
Apple firms
Apple’s 3.45% notes due 2024 (Aa1/AA+/) were quoted 4 bps tighter at 84 bps offered early Friday, according to a market source.
Apple sold $2.5 billion of the notes at a spread of Treasuries plus 77 bps on April 29.
The computer and mobile communications device company is based in Cupertino, Calif.
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