Morning Commentary: Spreads widen on oil prices; Lloyds Bank eases in secondary trading

By Aleesia Forni

New York, Jan. 20 – High-grade credit spreads were wider early during the session on Wednesday as stocks plunged and oil prices fell below $28 per barrel.

The Markit CDX North American Investment Grade 25 index was 4 basis points wider at a spread of 113 bps.

Meantime, Lloyds Bank plc’s 2.7% bonds due Aug. 17, 2020 were 1 bp wider on the day at 94 bps bid.

The London-based retail bank’s $1 billion of notes priced with a 110 bps spread over Treasuries on Aug. 10.

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