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Morning Commentary: Citigroup paper tightens; JPMorgan notes stable; credit spreads flat
By Cristal Cody
Tupelo, Miss., Aug. 21 – High-grade bank and financial paper traded flat to tighter early Friday while credit spreads opened the session unchanged, market sources said.
Citigroup Inc.’s 4.65% senior notes due 2045 tightened 5 basis points in the secondary market.
JPMorgan Chase & Co.’s 3.125% notes due 2025 were flat.
The Markit CDX North American Investment Grade index was unchanged after it closed on Thursday at a spread of 81 bps, the widest spread over the past 12 months.
The three-month Libor yield was stable at 33 bps early Friday.
Citigroup firms
Citigroup’s 4.65% bonds due 2045 (Baa1/A-/A) were seen 5 bps better at 173 bps offered, a market source said.
Citigroup sold $1.25 billion of the notes in a $3 billion three-part deal on July 23 at 167 bps over Treasuries.
Citigroup is a financial services company based in New York.
JPMorgan steady
JPMorgan Chase’s 3.125% notes due 2025 traded flat at 149 bps offered, according to a market source.
JPMorgan sold $2.5 billion of the notes (A3/A/A+) on Jan. 16, 2015 at a spread of Treasuries plus 145 bps.
The financial services company is based in New York City.
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