Morning Commentary: High-grade bonds mixed; Deutsche Bank notes ease; Ford Motor Credit flat

By Cristal Cody

Tupelo, Miss., Jan. 12 – Investment-grade bonds opened the trading session mostly flat to softer in the secondary market on Tuesday.

Deutsche Bank AG’s 4.1% notes due 2026 that priced on Friday traded 5 basis points weaker than issuance.

Ford Motor Credit Co. LLC’s 4.389% notes due 2026 printed a week ago were active in secondary trading but unchanged.

The three-month Libor yield was stable at 62 bps over the morning.

Deutsche eases

Deutsche Bank’s 4.1% notes due 2026 that priced on Friday traded softer at 205 bps offered, according to a market source.

Deutsche Bank sold $750 million of the notes (A3/BBB+/A) at Treasuries plus 200 bps.

The bank is based in Frankfurt.

Ford Motor flat

Ford Motor Credit’s 4.389% notes due 2026 were flat at 220 bps offered in the secondary market, a source said.

The company sold $1.2 billion of the notes (Baa3/BBB-/BBB-) on Jan. 5 at a spread of Treasuries plus 215 bps.

Ford Motor Credit is the financing arm of Dearborn, Mich.-based automaker Ford Motor Co.

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