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Morning Commentary: Investment-grade bonds mixed; Entergy Arkansas firms; Citigroup eases
By Cristal Cody
Tupelo, Miss., Jan. 6 – New high-grade bonds that priced on Tuesday in the year’s first supply were mixed in secondary trading early Wednesday.
Entergy Arkansas Inc.’s 3.5% first mortgage bonds due 2026 traded 6 basis points better than issuance.
Citigroup Inc.’s 3.7% senior notes due 2026 traded about 1 bp weaker than where the issue priced.
The three-month Libor yield was unchanged at 61 bps early Wednesday.
Entergy Arkansas stronger
Entergy Arkansas’ 3.5% bonds due 2026 firmed 6 bps in secondary trading to 124 bps offered, according to a market source.
The company sold $325 million of the first mortgage bonds (A3/A-) on Tuesday at a spread of 130 bps over Treasuries.
Entergy Arkansas is a Little Rock, Ark.-based energy provider.
Citi edges wider
Citigroup’s 3.7% notes due 2026 that priced on Tuesday traded softer at 149 bps offered in the secondary market, a source said.
Citigroup sold $2 billion of the 10-year notes (Baa1/BBB+/A) at Treasuries plus 148 bps.
The financial services company is based in New York.
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