Morning Commentary: Thomson Reuters notes trade tighter; Libor yield steady

By Cristal Cody

Eureka Springs, Ark., May 3 – Investment-grade corporate bonds traded mostly better early Tuesday in the secondary market.

Thomson Reuters Corp.’s 3.35% notes due 2026 traded about 6 basis points tighter than where the bonds priced on Monday.

The three-month Libor yield was unchanged over the morning at 64 bps.

On Monday, $11.6 billion of high-grade issues were traded, with the bulk in bank and financial paper, according to a market source and Trace.

Thomson Reuters firms

Thomson Reuters’ 3.35% notes due 2026 tightened to 149 bps offered in the secondary market, a source said early Tuesday.

The company sold $500 million of the notes (Baa2/BBB+/BBB+) on Monday at a spread of 155 bps over Treasuries.

Thomson Reuters is a multinational media and information company based in New York City.

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