Morning Commentary: ConocoPhillips, Exxon Mobil bonds tighten; credit spreads stable

By Cristal Cody

Eureka Springs, Ark., March 8 – High-grade energy bonds traded about 5 basis points to 10 bps tighter in secondary trading early Tuesday.

ConocoPhillips Co.’s 4.95% senior notes due 2026 improved 5 bps from Monday.

Exxon Mobil Corp.’s 3.043% notes due 2026 were quoted 8 bps tighter in the secondary market.

The Markit CDX North American Investment Grade index opened mostly unchanged at a spread of 94 bps.

ConocoPhillips firms

ConocoPhillips’ 4.95% notes due 2026 firmed 5 bps to 310 bps offered, according to a market source early Tuesday.

ConocoPhillips sold $1.25 billion of the bonds (Baa2/A/A-) on Thursday at a spread of 312.5 bps over Treasuries.

The energy company is based in Houston.

Exxon Mobil tightens

Exxon Mobil’s 3.043% notes due 2026 tightened about 8 bps to 109 bps offered, a market source said.

The company sold $2.5 billion of the notes (Aaa/AAA) on Feb. 29 at 130 bps over Treasuries.

Exxon Mobil is an energy company based in Irving, Texas.

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