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Morning Commentary: Investment-grade bonds mixed; Lloyds Bank, Shell notes mostly soft
By Cristal Cody
Tupelo, Miss., May 14 – New high-grade bonds were mixed in early trading on Thursday, sources reported.
Shell International Finance BV’s 3.25% senior notes due 2025 traded flat to modestly softer.
Lloyds Bank plc’s 3.5% notes due 2025 eased 1 basis point in secondary trading.
The three-month Libor yield was stable at 28 bps.
The Markit CDX North American Investment Grade series 23 index ended about ½ bp wider on Wednesday at a spread of 66 bps.
Lloyds eases
Lloyds Bank’s 3.5% notes due 2025 eased 1 bp to 124 bps offered, a market source said.
Lloyds sold $1.25 billion of the 10-year notes (A1/A/A) on Monday at a spread of Treasuries plus 127 bps.
The retail bank is based in London.
Shell flat to softer
Shell International Finance’s 3.25% notes due 2025 traded unchanged to 1 bp softer at 91 bps offered, a market source said.
The company sold $2.75 billion of the notes (A1/AA/) on May 6 at Treasuries plus 105 bps.
The company is a subsidiary of the Hague, the Netherlands-based Royal Dutch Shell plc.
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