Morning Commentary: Investment-grade bond spreads flat to tighter; Citi notes open firm

By Aleesia Forni

Virginia Beach, Feb. 2 – High-grade bond spreads were flat to slightly tighter to open to session on Monday.

The Markit CDX North American Investment Grade index was unchanged at a spread of 71 basis points.

Citigroup Inc.’s 1.8% senior notes due 2018 moved 2 bps tighter early during the trading day.

The notes were quoted at 92 bps bid, 90 bps offered, a market source said.

Citigroup sold $2 billion of the senior notes (Baa2/A-/A) at a spread of Treasuries plus 97 bps on Thursday.

The bank is based in New York.

In the primary market, Apple Inc., Capital One Financial Corp. and Japan Bank for International Cooperation were among the names announcing new deals during the session.

Sources are expecting a busy week for the primary, with around $25 billion to $30 billion of supply predicted.

© 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.