Morning Commentary: Morgan Stanley unchanged; JPMorgan paper edges tighter; CDX flat

By Cristal Cody

Tupelo, Miss., July 23 – High-grade bank and financial paper was unchanged to modestly better in early secondary trading on Thursday, according to market sources.

Morgan Stanley’s 4% senior notes due 2025 were flat but better than where they priced on Monday.

JPMorgan Chase & Co.’s 3.9% notes due 2025 tightened about 1 basis point in secondary trading.

The Markit CDX North American Investment Grade index was unchanged over the morning after it closed 2 bps wider at a spread of 69 bps on Wednesday.

The three-month Libor yield firmed 1 bp to 29 bps on Thursday.

Morgan Stanley flat

Morgan Stanley’s 4% senior notes due 2025 (A3/A-/A) traded flat at 158 bps offered, according to a market source early Thursday.

The company sold $3 billion of the notes at Treasuries plus 165 bps on Monday.

The financial services company is based in New York City.

JPMorgan firms

JPMorgan Chase’s 3.9% notes due 2025 firmed about 1 bp to 143 bps offered, a market source said.

JPMorgan Chase sold $2.5 billion of the notes (A3/A/A+) on July 14 at Treasuries plus 155 bps.

The financial services company is based in New York City.

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