Morning Commentary: High-grade bonds mixed; Anheuser-Busch firms; Thermo Fisher slips

By Cristal Cody

Eureka Springs, Ark., April 11 – Investment-grade bonds traded mixed in the secondary market at the opening of Monday’s session.

Anheuser-Busch InBev Finance Inc.’s 2.65% senior notes due 2021 were quoted trading about 2 basis points better.

Thermo Fisher Scientific Inc.’s 3% senior notes due 2023 slipped in early secondary trading from where the bonds headed out on Friday.

The three-month Libor yield was stable at 63 bps early Monday.

Anheuser-Busch improves

Anheuser-Busch’s 2.65% notes due 2021 tightened about 2 bps to 79 bps offered, according to a market source.

The company sold $7.5 billion of the five-year notes (A2/A-) on Jan. 13 at a spread of Treasuries plus 120 bps.

The brewery is based in Leuven, Belgium.

Thermo Fisher weakens

Thermo Fisher Scientific’s 3% notes due 2023 (Baa3/BBB/BBB) traded lower at 100.39 early Monday from 100.82 on Friday, according to a market source.

Thermo Fisher Scientific sold $1 billion of the notes on April 4 at 99.512 to yield 3.078%.

The science technology company is based in Waltham, Mass.

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