Morning Commentary: High-grade bond spreads firm to open shortened week; TD Bank trades tighter

By Aleesia Forni

New York, Jan. 19 – High-grade credit spreads were tighter early Tuesday following the Dr. Martin Luther King Jr. holiday extended weekend.

The Markit CDX North American Investment Grade 25 index firmed around 2 basis points at mid-morning to a spread of 104 bps.

Toronto-Dominion Bank’s $750 million of 1.95% notes due 2019 were trading tighter early during the session at 83 bps bid, 82 bps offered.

The notes sold with a spread of Treasuries plus 85 bps on Thursday.

The company’s $1.25 billion sale of senior medium-term notes, series A, (Aa1/AA-) also included a $500 million three-year floater priced at par to yield Libor plus 84 bps.

The financial services and banking company is based in Toronto.

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