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Morning Commentary: High-grade credit spreads weaken; JPMorgan, Bank of America paper eases
By Cristal Cody
Tupelo, Miss., Dec. 1 – High-grade bonds and credit spreads opened weaker after the long holiday weekend, market sources said.
The Markit CDX North American Investment Grade series 23 index eased 1 basis point to a spread of 62 bps.
JPMorgan Chase & Co.’s 3.625% senior notes due 2024 traded 2 bps wider, according to a market source.
Bank of America Corp.’s 4% notes due 2024 eased about 1 bp in early secondary trading, a source said.
JPMorgan widens
JPMorgan’s 3.625% senior notes due 2024 (A3/A/A+) eased 2 bps to 113 bps offered, a market source said.
JPMorgan sold $2 billion of the notes on May 6, 2014 at 110 bps over Treasuries.
The financial services company is based in New York City.
Bank of America eases
Bank of America’s 4% notes due 2024 (Baa2/A-/A) traded about 1 bp wider at 125 bps offered, a source said.
Bank of America sold $2.75 billion of the notes on March 27, 2014 at Treasuries plus 137 bps.
The financial services company is based in Charlotte, N.C.
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