Morning Commentary: Citigroup mostly unchanged; Whole Foods flat; credit spreads stable

By Cristal Cody

Tupelo, Miss., Dec. 3 – High-grade bonds were mixed in early secondary trading on Thursday.

Citigroup Inc.’s new 2.05% notes due 2018 traded about ½ basis point better than issuance.

Whole Foods Market Inc.’s 5.2% senior notes due 2025 were unchanged.

The Markit CDX North American Investment Grade 25 index was mostly flat at the start of the day at a spread of 82 bps.

The three-month Libor yield was unchanged over the morning at 42 bps.

Citigroup stable

Citigroup’s 2.05% notes due 2018 traded modestly tighter at 87 bps offered, a market source said.

Citigroup sold $1.65 billion of the notes (Baa1/A-/A) on Tuesday at a spread of Treasuries plus 87.5 bps.

The financial services company is based in New York.

Whole Foods steady

Whole Foods Market’s 5.2% senior notes due 2025 were unchanged in early secondary trading at 284 bps offered, according to a market source.

The company sold $1 billion of the bonds (Baa3/BBB-) on Monday at Treasuries plus 300 bps.

The natural and organic foods supermarket operator is based in Austin, Texas.

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