Morning Commentary: Investment-grade bonds mixed; Charter Communications active; Visa eases

By Cristal Cody

Tupelo, Miss., Jan. 5 – High-grade bonds were mixed in the secondary market early Tuesday as traders geared up for supply expected later in the session.

Charter Communications Inc.’s bonds (Ba1/BBB-) were mostly unchanged after tightening in the previous session.

Visa Inc.’s 3.15% senior notes due 2025 traded 2 basis points weaker at the start of the day.

The three-month Libor yield was stable at 61 bps over the morning.

Charter Communications trades

Charter Communications’ 4.908% notes due 2025 traded mostly flat at 270 bps offered early Tuesday after going out on Monday 2 bps tighter at 267 bps bid, a market source said.

The company sold $4.5 billion of the bonds on July 9 at a spread of Treasuries plus 260 bps.

The provider of cable, internet and phone services is based in Stamford, Conn.

Visa notes soften

Visa’s 3.15% notes due 2025 eased 2 bps to 86 bps offered in the secondary market, a source said.

The company sold $4 billion of the notes (A1/A+) on Dec. 9 at Treasuries plus 97 bps.

The retail electronic payments network operator is based in San Francisco.

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