Morning Commentary: Investment-grade bonds mixed; Morgan Stanley paper tight; JPMorgan flat

By Cristal Cody

Tupelo, Miss., Jan. 27 – High-grade bonds were mixed with bank and financial paper mostly better early Tuesday, according to market sources.

Morgan Stanley’s 2.65% notes due 2020 tightened 4 basis points in the secondary market.

JPMorgan Chase & Co.’s 2.25% notes due 2020 were quoted flat in early trading but more than 10 bps better than where the paper traded on Friday.

The Markit CDX North American Investment Grade index closed 2 bps tighter at a spread of 66 bps on Monday.

Morgan Stanley firms

Morgan Stanley’s 2.65% notes due 2020 (Baa2/A-/A) tightened 4 bps to 116 bps bid, a source said.

Morgan Stanley sold $2.5 billion of the notes at Treasuries plus 130 bps on Thursday.

The financial services company is based in New York City.

JPMorgan unchanged

JPMorgan Chase’s 2.25% notes due 2020 (A3/A/A+) traded flat at 97 bps bid, according to a market source.

The notes were quoted on Friday trading in the 112 bps, 113 bps offered area.

JPMorgan sold $2.5 billion of the notes on Jan. 15 at a spread of Treasuries plus 110 bps.

The financial services company is based in New York City.

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